Another proposal to burn 35% of Terra Classic (LUNC) transaction fees has gained the vast support of the Terra community, as they strive to get the relatively abandoned LUNC token back on track in terms of value.
Before this recent proposal, the one that will burn 1.2% of all LUNC transactions had already been passed with 83% support from the Terra community.
The previous proposal targets 1.2% taxes on LUNC tokens bought and sold by users until the supply of the token drops to 10 billion.
The previous LUNC burn proposal reads in part:
“A Tax Burn mechanism is to be implemented on LUNC to reduce the Total Supply. Implement a Tax + Burn mechanism on each buy-sell transaction: 1.2% burn tax. This mechanism should be true until the total supply = 10 billion LUNC, after that, this mechanism is disabled and the total supply can never be changed.
New Proposal Targets the Burning of 35% of LUNC Transaction Fees
The new burn proposal is targeted at distributing 50% of Terra Classic (LUNC) transaction fees to the community pool, in which 35% will be burned, 10% airdropped to developers, and 5% for Terra Classic development.
Unlike the previous proposal in which crypto exchanges are vastly needed for the implementation, this new one will not be on exchanges because the transaction fees can only be deducted from the Terra native chain.
The proposal reads in part:
“Distribute 50% transaction fees to the community pool (35% to be burned via monthly community pool proposals; 10% airdropped to ecosystem devs, 5% retained for core Terra Classic development) and increase ‘Base Proposer’ and ‘Bonus Proposer’ reward from 0.01 and 0.04 to 0.03 and 0.12 respectively.”
As shown above, the LUNC burn proposal has gained 93.3% support from the Terra community. Although the Terra community still has four days to vote, there is a possibility that it will pass since a massive burn of Terra Classic tokens is their desire.