Terra Luna Classic (LUNC) Community Rejects Proposal 12105 Amid Controversy
- Proposal 12105 to increase the LUNC burn tax to 1.5% was overwhelmingly rejected by the Terra Luna Classic community.
- Despite the rejection, discussions on burn tax adjustments continue within the Terra Luna Classic ecosystem.
Proposal 12105 Faces Strong Opposition
The Terra Luna Classic (LUNC) community has firmly rejected Proposal 12105, which sought to increase the LUNC burn tax to 1.5%. The proposal faced significant backlash due to the absence of a rational plan and clear implementation strategy. Critics labeled it an illogical and “lazy effort,” arguing that it was merely a text proposal without the power to enact changes to the burn tax, even if it had passed.
Proposal 12105 garnered only 21.35% votes in favor, with 32% against, and 38% voting “No with veto,” expressing strong opposition that warranted a veto. Community members and validators cited a lack of data, missing strategies, and ambiguous volume metrics as reasons for the proposal’s failure. Future proposals will need to address these shortcomings to gain community support.
Recent Changes to Burn Tax Distribution
In contrast to the rejected proposal, the Terra Luna Classic community recently approved a significant change to the distribution of the LUNC burn tax. Previously allocated to rewards, the burn tax will now be directed to the Oracle pool. This adjustment received overwhelming support, with 70% of votes and approval from 37 validators.
Currently, the LUNC burn tax is set at 0.5%, with 80% dedicated to burning and the remaining 20% equally distributed between the Community Pool and the Oracle Pool. This decision underscores the community’s commitment to utilizing burn tax funds effectively for ecosystem development.
Upcoming Terra Luna Classic Upgrade
The Terra Luna Classic network is poised for a significant upgrade to version 3.0.1, scheduled for June 2, 2024. This upgrade, anticipated at a block height of 18,303,000, has received robust support from both the community and validators. Validators such as Orion, Interstellar Lounge, and StakeBin will implement the new binary, enhancing the chain’s performance, reliability, and security. The upgrade aims to improve the overall functionality and efficiency of the Terra Luna Classic network.
LUNC, USTC Price and Market Sentiment
Despite the rejection of Proposal 12105, the LUNC price has experienced a 5% decline in the past 24 hours, currently trading at $0.0001105. Additionally, trading volume has decreased by 7%, indicating reduced trading activity.
Meanwhile, the former stablecoin USTC has maintained its price at $0.02179 following a 4% drop. The highest and lowest prices for USTC in the last 24 hours were $0.02377 and $0.02152, respectively.
The ongoing discussions and decisions regarding burn tax adjustments reflect the dynamic nature of the Terra Luna Classic ecosystem. As the community navigates these changes, the focus remains on sustainable growth and development.
For more updates and insights on Terra Luna Classic and other cryptocurrencies, stay tuned to our latest news.