The Terra Luna Classic community has reached a significant decision regarding the burn tax. After careful consideration, the proposal to increase the burn tax to 1.5% has been rejected. Community members expressed their disapproval of repeated proposals to alter the burn tax, particularly when it comes to increasing it.
The rejected proposal, numbered 12105, received criticism from the majority of voters for its lack of logic and being seen as a “lazy effort.” It is important to note that this proposal was a text proposal and not a parameter change. Therefore, even if it had been accepted, it would not have resulted in a change to the tax.
Only 21.35% of the Terra Luna Classic community voted in favor of the proposal, while 32% voted against it, and 38% voted against it with a veto, ultimately rejecting the revision of the burn tax. Validators also voted against the proposal due to the lack of supporting data, complementary strategies, and volume projections to justify the tax increase.
In a recent development, the community made the decision to redirect the LUNC burn tax to the oracle pool instead of rewards. This proposal garnered 70% “yes” votes and received support from 37 validators.
As a result, the Terra Luna Classic burn tax has been set at 0.5%. It has been determined that 80% of this tax will be allocated for burning, while the remaining 20% will be divided, with 10% going to the Community Pool and 10% to the Oracle Pool.
In terms of price movement, the LUNC price currently stands at $0.0001150, experiencing a 2% decrease in the last 24 hours. The lowest and highest price values within this timeframe were $0.0001143 and $0.0001207, respectively.
Furthermore, there has been a significant 31% increase in trading volume in the last 24 hours, indicating a growing interest among traders.
Meanwhile, the price of USTC, one of the former stablecoins, remains steady at $0.02269, with a 1% drop. 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 does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.