Terra Luna Classic (LUNC) Burn Tax Change Proposal Officially Passed

The Terra Luna Classic community has passed a key proposal to implement a revised LUNC burn tax distribution. This pay-per-job (PPJ) proposal gets over 98% support from community members and validators on moving ahead with changes as per proposal 12098 passed earlier by the Terra Classic community in previous months. It is expected to be implemented in mid-July.

Terra Classic Community To Revise Burn Tax Distribution

A pay-per-job proposal 12114 by popular developer Till Z., known as Fragwuerdig, was passed by the Terra Luna Classic community. The developer has started working to implement the burn tax distribution change related to the oracle pool split as set in proposal 12098.

The proposal received 98.04% “Yes” votes, which indicates the proposal saw major support from validators. Among 47 validators who participated in the governance voting, top validators such as Allnodes, Interstellar Lounge, JESUSisLORD, Stakely, HappyCattyCrypto support the proposal.

As earlier reported, 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 rewards. As per 12098, the 20% will be distributed as 10% to Community Pool and 10% to Oracle pool.

This will impact immediate block rewards for LUNC users. Instead, the portion from the burn tax would go into long-term staking rewards (Oracle) to improve LUNC staking. In addition, it will help validators, but decrease the APR by about ~0.5% depending upon on-chain volumes.

Also Read: Binance Expands Support For LUNC And USTC Revival To $1

LUNC and USTC Pares Recent Gains

LUNC and USTC prices are back to 2-month lows. If the LUNC support level at $0.000090 is broken again, bears can take over.

LUNC price slid over 4% in the last 24 hours, with the price currently trading at $0.0009051. The 24-hour low and high are $0.00008112 and $0.00009757, respectively. Moreover, trading volume decreased further by 7% in the last 24 hours, but good terms of Binance LUNC burn mechanism.

Meanwhile, USTC price also dropped 5%, with the price now trading at $0.0184. The 24-hour trading volume saw a mere 2% decline in the last 24 hours as traders bought the dip.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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