The Terra Classic community is currently at the center of a pivotal decision-making process revolving around Proposal 12111, which seeks to implement modifications to the burn tax structure while enhancing charity support through Binance. However, preliminary results indicate a decisive rejection of the proposal, with a significant majority of voters opting for 'No' or 'No with veto' options.

Introduced on May 27, Proposal 12111 aimed to adjust the burn tax rate to 1.2% and redistribute the collected funds in a revised manner. The proposed plan outlined burning 70% of the tax immediately, allocating 10% to the community pool, and directing another 10% to charity efforts through Binance Charity, in collaboration with the Superhumans Foundation for Ukrainian war victims.

The overarching goal of the proposal was to restore economic equilibrium within the ecosystem while simultaneously fostering charitable initiatives. As voting continues, a substantial portion of the community has already cast their ballots, with 1.21% voting 'Yes', while 36.27% and 45.93% voting 'No' and 'No with veto', respectively.

In stark contrast, Proposal 12110, spearheaded by Genuine Labs and presenting the v3.0.1 software upgrade proposal, garnered overwhelming support from the community and validators alike. Scheduled for implementation on June 2, this proposal promises a series of enhancements to the chain's functionality and has received an impressive 99.9% approval rate.

Meanwhile, amidst these significant developments, the Terra Classic (LUNC) price has encountered a bearish trend over the past 24 hours, failing to breach the resistance level at $0.0001252. As a result, bears have gained dominance in the market, with LUNC currently trading at $0.0001184, reflecting a 4.55% decline from previous levels. Nevertheless, the support level at $0.0001171 has remained resilient throughout this downturn.

Similarly, TerraClassicUSD (USTC) has experienced a comparable trend, with its price fluctuating between a 24-hour high of $0.02511 and a low of $0.02332. Despite efforts to rebound, the USTC price currently stands at $0.02379, representing a 3% decrease from the intra-day high.