The Terra Luna Classic community discarded a proposal to raise the burn tax to 1.5%. The community members expressed their dismay at the recurrent proposals suggesting altering the burn tax, especially an increase in the amount.
The moves come a few days ahead of Binance’s LUNC burn mechanism. Binance and former CEO Changpeng Zhao opposed high burn tax and proposals seeking to undermine the Terra Classic revival efforts.
Proposal 12105 “Increase burn tax” is rejected by the Terra Luna Classic community, with most holders criticizing the proposal for lack of reasoning and “lazy effort”. This is a text proposal and not a parameter change, so even if it passed it would not change the tax. A new proposal is required with a compelling description and discussion time on Commonwealth.
The proposal received a mere 21.35% “Yes” votes. Terra Luna Classic community voted 32% “No” and 38% “No with veto” votes, turning down the narrative for revising the burn tax. Validators also voted against the proposal as there is no data to support the tax increase, no complimentary strategies to support the tax increase, and no volume projections.
Recently, the community changed the LUNC burn tax distribution to oracle pool instead of rewards. The proposal has received 70% votes in favor with 37 validators in support of the proposal. Terra Classic has a burn tax set to 0.5%. Out of this, 80% is for burn and 20% is distributed as 10% to Community Pool and 10% to Oracle pool.
Also Read: LUNC Price Soars As Terra Classic Community Approves Key Upgrade Proposal
LUNC price jumped 5% in the last 24 hours with the LUNC price currently trading at $0.0001245. The 24-hour low and high are $0.0001143 and $0.0001310, respectively. Furthermore, trading volume has increased by 100% in the last 24 hours, indicating a rise in interest among traders.
Meanwhile, USTC price also jumped 5%, with the price currently trading at $0.0241. The 24-hour low and high are $0.02246 and $0.02477, respectively. The move comes as Terraform Labs, Do Kwon reached a settlement with the SEC, with the proposed final judgment must be filed with the court by June 12.
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