The Terra Classic community is currently engaged in a crucial vote regarding Proposal 12111, which aims to modify the burn tax structure and increase charity support through Binance. The preliminary figures indicate a resounding rejection of the proposal, with the majority of voters opting for 'No' or 'No with veto'.

Introduced on May 27, Proposal 12111 seeks to alter the burn tax rate to 1.2% and distribute the collected funds in a new manner. This plan includes burning 70% of the tax immediately, allocating 10% to the community pool, and directing 10% to charity through the Binance Charity in partnership with the Superhumans Foundation for Ukrainian war victims. The proposal aims to restore economic equilibrium and promote charity activities. As of now, 566.00 billion out of 992.43 billion possible votes have been cast, with 1.21% voting 'Yes', 36.27% voting 'No', and 45.93% voting 'No with veto'.

In contrast, the community showed overwhelming support for Proposal 12110, Genuine Labs’ v3.0.1 software upgrade proposal. This proposal, scheduled for June 2, promises improvements in the chain’s functionality and received 99.9% approval from the community and validators.

Meanwhile, the Terra Classic (LUNC) price has been in a bearish trend in the last 24 hours after failing to breach the resistance at $0.0001252. As a result, bears have the upper hand, with LUNC trading at $0.0001184 as of press time, a 4.55% decline. The support at $0.0001171 managed to hold steady during this dip. Similarly, TerraClassicUSD (USTC) has faced a similar trend, with a 24-hour high and low of $0.02511 and $0.02332. Despite attempts to recover, USTC price was trading at $0.02379, a 3% dip from the intra-day high as of press time.