Terra Luna Classic Votes on Proposal to Revise LUNC Burn Tax to 1.5%

The Terra Luna Classic community is voting on the controversial proposal to increase the burn tax from 0.5% to 1.5% again. This can significantly boost LUNC and USTC burn rates, increase funds in the Community pool and Oracle pool, and trigger a rally in LUNC price. The community remains divided on increasing the on-chain tax rate as some agree with Binance co-founder Changpeng “CZ” Zhao to keep the burn tax low. On the other hand, some believe the Terra Luna Classic chain revise it now. LUNC News: Terra Luna Classic Community Burn Tax Proposal The Terra Luna Classic community is voting on proposal 12149 “ Set On-Chain Tax Rate to 1.5% ” on the Station wallet. It aims to increase the on-chain tax rate from 0.5% to 1.5% and leave it unchanged unless the total supply reaches 10 billion LUNC. The move comes after the successful implementation of the v.3.3.0 LUNC network upgrade . The upgrade simplified tax handling and reduced the burden for developers and dapps to build on the Terra Luna Classic network. The 0.5% LUNC burn tax is currently split into 80% and 20%, with the 20% breakdown as — 10% to the community pool and 10% to the oracle pool. If the tax is increased to 1.5%, it will increase the burn tax to 1.2% from the current 0.4%. Also, it will increase the contribution to the Community Pool and the O racle Pool , making all components boost by three times. At present, the proposal has received 43.24% “Yes” votes, with 16.01% “No” and 40.74% “No with veto” votes. The voting by validators and delegators indicate the community remains divided again. A validator commented, “Please do not sabotage builders & L2 projects. Veto because the 30th attempt is one too much.” LUNC and USTC Price Action Raising the burn tax to 1.5% will increase the rate of LUNC and USTC burns from the tax, the community pool funding rate, and funding to the oracle pool for long-term Terra Luna Classic staking rewards. LUNC price fell 9% in the last 24 hours amid market-wide selloff, with the price currently trading at $0.0001135 . The 24-hour low and high are $0.0001115 and $0.0001243, respectively. However, trading volume has increased by 38% in the last 24 hours. Meanwhile, USTC price also dropped 7%, with the price now trading at $0.02029. The 24-hour low and high are $0.01887 and $0.02178, respectively. The trading volume saw an 87% rise over the last day. The post Terra Luna Classic Votes on Proposal to Revise LUNC Burn Tax to 1.5% appeared first on CoinGape .