According to a tweet from proposal author Edward Kim, Terra Classic (LUNC) 1.2% Tax Burn Proposal, has passed the governance vote. Kim notes that the parameter change has been implemented and will take full effect from block 9,475,200.
Kim’s tweet states, “Terra Classic governance has passed prop 4661. The treasury parameter rates have already been updated. Once the new epoch starts (block 9,475,200), the effective tax rate will automatically be changed to 1.2%.”
According to Terra Rebels, 99% of the 96% of votes cast supported the 1.2% tax burns, and it is now up to them to make it happen. Terra Rebels tweeted, “It’s ‘Official.’ What an astounding statement of unity across the #TerraClassicCommunity. Of the MASSIVE 96% turnout, nearly 99.9% voted to activate the 1.2% burn parameter. Now it’s down to all of us to make this work!”
It’s important to note that the proposal was only made available for vote seven days after it was published, or a little over a week ago. As soon as the proposal is put into effect, LUNC users will be charged a 1.2% fee for all on-chain transactions, which has sparked a lot of enthusiasm in the LUNC classic community. The fee is mainly routed to the Terra burn wallet to cut down on the excess LUNC supply.
Read Also: Terra Classic (LUNC) Outshines Bitcoin On KuCoin, Wins Huobi’s Support For 1.2% Tax Burn
At the conclusion of the voting, the proposal got 99.88% of the vote, as seen in the dashboard posted by reXx, a member of the Terra Rebels group, which is now in charge of developing Terra Classic.
LUNC has recently seen a great run, gaining by almost 300%. But recently, the price action has stalled, giving up some of its gains. It is currently trading at $0.0002815, having lost 46.43% in the last seven days.
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