Terra Luna Classic Community's Stand on Burn Tax

The Terra Luna Classic community recently reached a significant decision regarding the proposed increase in the burn tax. In a noteworthy move, the community voted against the proposal to raise the burn tax to 1.5%. Numerous community members expressed their discontent with the frequent proposals to modify the burn tax, especially those focused on raising it.

Rejection of Burn Tax Increase Proposal

The recent rejection of proposal number 12105 to elevate the burn tax by the Terra Luna Classic community has sparked discussions. The proposal faced criticism for its lack of logical reasoning and was deemed a lackluster effort. This decision led to a 2% decline in the price of LUNC, currently valued at $0.0001150.

The rejection of the proposal was significant, with only 21.35% of voters supporting it. A substantial majority voted against it, with 32% opposing and 38% firmly declining the proposal. Validators also objected to the proposal, citing insufficient data, complementary strategies, and volume projections as reasons for their dissent.

Community's Revised Approach

Following the rejection, the community opted to redirect the distribution of the burn tax to the oracle pool instead of rewards. This strategic shift garnered considerable support, with 70% of the community voting 'yes' on the subsequent proposal. Additionally, 37 validators backed this revised approach.

As a result of these decisions, the Terra Luna Classic burn tax is now set at 0.5%, with 80% allocated for burning and the remaining 20% split evenly between the Community Pool and the Oracle Pool.

Recent Price Movements

LUNC Price Update: The current price of LUNC stands at $0.0001150, showing a slight 2% decrease over the last 24 hours. The price fluctuated between $0.0001143 and $0.0001207 within this period. Moreover, there has been a notable 31% increase in trading volume, indicating heightened trader interest.

USTC Price Update: USTC, previously a stablecoin, is trading sideways at $0.02269 after experiencing a 1% decline in the last 24 hours. The price ranged from $0.02246 to $0.02377 during this timeframe.

These price movements signify the ongoing activity and fluctuations in the cryptocurrency market for both LUNC and USTC. It's essential to note that this article serves to inform and is not intended as legal, tax, investment, financial, or any other advisory content.