Terra Luna Classic Takes Down LUNC Burn Once And For All

The Terra Luna Classic community rejected a proposal to increase the burn tax to 1.5%. The community members expressed their disapproval of the recurrent proposals suggesting to alter the burn tax, especially an increase in the amount.

Terra Luna Classic Rejects LUNC Burn Proposal

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 Jumps Amid Rising Sentiment

LUNC price jumped 1% in the last 24 hours with the LUNC price currently trading at $0.0001145. The 24-hour low and high are $0.0001143 and $0.0001207, respectively. Furthermore, trading volume has increased by 70% in the last 24 hours, indicating a rise in interest among traders.

Meanwhile, USTC price is also trading sideways at $0.02237. The 24-hour low and high are $0.02246 and $0.02377, respectively.

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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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