The Terra Luna Classic community made a significant decision. This decision involved increasing the burn tax to 1.5% and was rejected. Community members expressed disapproval of repetitive proposals to change the burn tax, especially increasing it.
Terra Luna Classic Burn Proposal Rejected
According to the information, proposal number 12105 to increase the burn tax was rejected by the Terra Luna Classic community. The proposal was criticized by most voters for lacking logic and being a “lazy effort.”
It was noted that this was a text proposal and not a parameter change. Therefore, even if accepted, it would not have changed the tax.
The proposal received only 21.35% “yes” votes. The Terra Luna Classic community cast 32% “no” votes and 38% “no with veto” votes, rejecting the vote to revise the burn tax. Validators also voted against the proposal due to the lack of data, complementary strategies, and volume projections to support the tax increase.
Recently, the community decided to change the distribution of the LUNC burn tax to the oracle pool instead of rewards. This proposal reached 70% “yes” votes with the support of 37 validators.
Following this, the Terra Classic burn tax was set at 0.5%. It was stated that 80% of this would be used for burning, while the remaining 20% would be split into 10% for the Community Pool and 10% for the Oracle Pool.
LUNC Price Movement
The LUNC price continues to trade at $0.0001150 at the time of writing, following a 2% drop in the last 24 hours. The lowest and highest price values in the last 24 hours were $0.0001143 and $0.0001207, respectively.
Additionally, there was a 31% increase in trading volume in the last 24 hours, indicating increased interest among traders.
Meanwhile, the price of one of the former stablecoins, USTC, continues to move horizontally at $0.02269 following a 1% drop. The lowest and highest price levels for USTC in the last 24 hours were $0.02246 and $0.02377, respectively.
