Members of the Terra Luna Classic community have expressed their opposition to proposal 12105, with the majority rejecting the initiative to increase the burn tax to 1.5 percent. The community members have consistently shown dissatisfaction with suggestions to alter the burn tax, particularly when it involves raising the amount.
The rejection of proposal 12105 by the Terra Luna Classic (LUNC) community was significant, as they deemed it illogical and a reflection of a “lazy effort.” Consequently, the proposal has been dismissed.
The community’s rejection was evident, with only 21.35 percent of voters supporting the plan. Of the Terra Luna Classic community, 32% rejected the narrative for modifying the burn tax, while 38% cast veto votes. Validators also voted against the proposal due to its lack of volume predictions, statistical evidence to support the tax hike, and complementary methods.
In response, the community has decided to change the distribution of the LUNC burn tax from rewards to an oracle pool. With the support of 37 validators, the proposal has gained a 70% approval rate. Currently, the burn tax in Terra Classic stands at 0.5%. The remaining 20% will be evenly divided between the Community Pool and the Oracle Pool, with the remaining 80% allocated to burn.
Furthermore, in the 21st batch of the LUNC burn mechanism, approximately 1.4 billion Terra Luna Classic (LUNC) tokens were burned by the cryptocurrency exchange Binance earlier this month. To date, Binance has burnt over 57 billion LUNC tokens.
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