The Terra Classic community has decided to reject proposal number 12105 to increase the burn tax to 1.5%. This proposal met disapproval from community members, who expressed frustration with repetitive attempts to alter the burn tax.
The community’s rejection was evident, with only 21.35% of voters supporting the proposal, while 32% voted “no” and 38% voted “no with veto”.
Read Also: Terra Classic Proposal To Burn 800 Million USTC For LUNC Revival Rejected. Here’s why
The rejected proposal lacked logic and was criticized as a “lazy effort” by most voters. Notably, this was a text proposal and not a parameter change, meaning it would not have altered the tax even if accepted. Validators also opposed the proposal due to no supporting data, complementary strategies, and volume projections.
Recently, the community decided to modify the distribution of the LUNC burn tax, redirecting it to the Oracle pool instead of rewards. This proposal received 70% “yes” votes, supported by 37 validators, and resulted in setting the Terra Classic burn tax at 0.5%. The allocation of this tax was designated as 80% for burning, 10% for the Community Pool, and 10% for the Oracle Pool.
According to data from CoinMarketCap, the price of LUNC currently stands at $0.0001221, following a 5.16% increase in the last 24 hours. The price fluctuated between $0.0001143 and $0.000125, indicating a relatively stable trading range. Notably, a 105% increase in trading volume was recorded over the last 24 hours, suggesting heightened interest among traders.
Also, the price of the Terra Classic stablecoin USTC, one of the former stablecoins. The price oscillated between $0.02360 and $0.02505, indicating a horizontal price movement.
Read Also: Terra Classic Rejects A Top LUNC Recovery Proposal: Details
The Terra Classic community’s rejection of the burn tax increase proposal demonstrates their prioritization of logical and well-supported proposals. The community’s willingness to adapt and modify the burn tax distribution, as seen in the recent Oracle pool decision, showcases their proactive approach to governance.
As the community continues to shape the future of Terra LUNC, it is essential to prioritize transparency, logic, and community consensus.
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