The Terra Luna Classic community has rejected a proposal to increase the burn tax to 1.5%. The proposal, known as Proposal 12105, was met with widespread disapproval from community members who criticized the lack of reasoning and "lazy effort" behind the proposal. Despite being a text proposal, the community still voted against it, with 32% voting "No" and 38% voting "No with veto".

The proposal received only 21.35% "Yes" votes, indicating a strong rejection by the community. Validators also voted against the proposal, citing the absence of data to support the tax increase, no complementary strategies, and no volume projections. This outcome is significant, as it shows the community's reluctance to alter the burn tax.

Recently, the community successfully changed the LUNC burn tax distribution to the oracle pool instead of rewards. This change received 70% votes in favor, with 37 validators supporting the proposal. The current burn tax is set at 0.5%, with 80% going towards burn and 20% distributed between the Community Pool and Oracle Pool.

LUNC Price Sees a Surge Amid Rising Sentiment

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

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