The Terra Luna Classic community has once again rejected a proposal to increase the burn tax, with the price of LUNC rising by 1% in the last 24 hours. The community members expressed their dissatisfaction with the recurring proposals to alter the burn tax, particularly the suggestion to increase the amount.

Terra Luna Classic Community Rejects Burn Tax Increase

Proposal 12105, which aimed to increase the burn tax to 1.5%, was rejected by the community. Most holders criticized the proposal for lacking reasoning and being a "lazy effort." The proposal received a mere 21.35% "Yes" votes, with 32% voting "No" and 38% voting "No with veto." Validators also voted against the proposal, citing the lack of data to support the tax increase and no complimentary strategies to support it.

Recently, the community changed the LUNC burn tax distribution to the oracle pool instead of rewards. The proposal received 70% votes in favor, with 37 validators supporting the change. Terra Classic has a burn tax set at 0.5%, with 80% going towards burn and 20% distributed as 10% to the Community Pool and 10% to the Oracle pool.

LUNC Price Sees Slight Uptick

The LUNC price jumped 1% in the last 24 hours, currently trading at $0.0001145. The 24-hour low and high are $0.0001143 and $0.0001207, respectively. Trading volume has increased by 70% in the last 24 hours, indicating a rise in interest among traders.

Meanwhile, USTC price is trading sideways at $0.02237, with the 24-hour low and high at $0.02246 and $0.02377, respectively.