The Terra Luna Classic community recently made a significant decision that had a major impact. The decision involved a proposal to increase the burn tax to 1.5%, but it was ultimately rejected. The community members expressed their disapproval of the repetitive proposals to change the burn tax, especially when it came to increasing it.
The proposal, known as proposal number 12105, was put forth to the Terra Luna Classic community. However, it faced criticism from most voters for lacking logic and being seen as a “lazy effort.” It’s important to note that this proposal was a text proposal and not a parameter change, meaning that even if it had been accepted, it wouldn’t have resulted in any changes to the tax.
In terms of voting results, the proposal received only 21.35% “yes” votes. The majority of the Terra Luna Classic community cast 32% “no” votes, while another 38% voted “no with veto,” ultimately rejecting the vote to revise the burn tax. The validators also voted against the proposal due to the lack of data, complementary strategies, and volume projections to support the tax increase.
Following this rejection, the community decided to make a change to the distribution of the LUNC burn tax. Instead of being allocated to rewards, it would now be directed towards the oracle pool. This proposal received significant support, with 70% “yes” votes and the backing of 37 validators.
As a result, the Terra Classic burn tax was set at 0.5%. It was clarified that 80% of this tax would be used for burning, while the remaining 20% would be divided equally between the Community Pool and the Oracle Pool, each receiving 10%.
In terms of the LUNC price movement, it is currently trading at $0.0001150, experiencing a 2% drop in the last 24 hours. The lowest and highest price values recorded during this period were $0.0001143 and $0.0001207, respectively. Additionally, there has been a 31% increase in trading volume in the last 24 hours, indicating growing interest among traders.
Meanwhile, the price of USTC, one of the former stablecoins, has remained relatively stable at $0.02269, with a 1% decrease. The lowest and highest price levels for USTC in the last 24 hours were $0.02246 and $0.02377, respectively.
Please note that the information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research.
