Terra Luna Classic Community Rejects Proposal to Raise Burn Tax to 1.5%

• Members of the Terra Luna Classic community have spoken out against proposal 12105.
• The community has decided to switch the burn tax distribution from rewards to an oracle pool.

An initiative to raise the burn tax to 1.5 percent was shot down by the Terra Luna Classic community. Regular suggestions to change the burn tax, particularly to raise its amount, have been met with community members’ dissatisfaction.

Members of the Terra Luna Classic (LUNC) community have spoken out against proposal 12105, titled “Increase burn tax,” calling it illogical and an example of “lazy effort.” As a result, the proposal has been rejected.

Major Rejection by Community

Since this is just a text proposal and not parameter change, its passage would have no effect on the tax. It is necessary to submit a fresh proposal on Commonwealth with an engaging synopsis and discussion period.

Only 21.35 percent of voters approved the plan. The narrative for modifying the burn tax was rejected by 32% of the Terra Luna Classic community and 38% with veto votes. Since the plan lacks volume predictions, statistics to back up the tax hike, and complementary methods, validators also voted against it.

The community has decided to switch the LUNC burn tax distribution from rewards to an oracle pool. With the assistance of 37 validators, the proposal has garnered 70% support. The burn tax in Terra Classic is 0.5%. The remaining 20% will be split evenly between the Community Pool and the Oracle Pool, with 80% going toward burn.

Moreover, around 1.4 billion Terra Luna Classic (LUNC) tokens were burned in the 21st batch of the LUNC burn mechanism by crypto exchange Binance earlier this month. More than 57 billion LUNC have been burnt by Binance, the cryptocurrency exchange, as of their most recent burn.

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