The Terra Luna Classic community has rejected the proposal to increase the burn tax to 1.5%, citing a lack of logic and a "lazy effort" by the proposers. This decision marks a significant milestone in the community's efforts to shape the future of the cryptocurrency. The proposal, numbered 12105, received only 21.35% "yes" votes, with a majority of 32% "no" votes and 38% "no with veto" votes, effectively rejecting the proposed tax increase.

The community's disapproval of the proposal was largely due to its perceived lack of logic and the absence of supporting data, complementary strategies, and volume projections. Validators also expressed their opposition to the proposal, citing the need for more comprehensive and well-thought-out plans. This rejection comes on the heels of a recent decision to change the distribution of the LUNC burn tax to the oracle pool instead of rewards, which received 70% "yes" votes and the support of 37 validators.

The Terra Classic burn tax was subsequently set at 0.5%, with 80% allocated for burning and the remaining 20% split between the Community Pool and the Oracle Pool. The community's active participation in shaping the cryptocurrency's future is a testament to its commitment to decentralized decision-making and community-driven governance.

Meanwhile, the LUNC price continues to trade at $0.0001150, following a 2% drop in the last 24 hours. The trading volume has increased by 31% in the same period, indicating sustained interest among traders. The price of USTC, one of the former stablecoins, remains relatively stable at $0.02269, following a 1% drop.

The Terra Luna Classic community's rejection of the burn tax increase proposal demonstrates its dedication to careful consideration and informed decision-making. As the cryptocurrency landscape continues to evolve, this community-driven approach will likely play an increasingly important role in shaping the future of digital assets.

The community's skepticism towards the proposal is understandable, given the lack of clear benefits and the potential risks associated with increasing the burn tax. The decision to reject the proposal is a testament to the community's commitment to responsible governance and its willingness to prioritize the long-term health of the cryptocurrency over short-term gains.

As the cryptocurrency market continues to experience fluctuations, the Terra Luna Classic community's approach to governance serves as a model for other digital assets. By prioritizing community involvement and careful consideration, Terra Luna Classic is well-positioned to navigate the challenges and opportunities of the rapidly evolving cryptocurrency landscape.

In the coming weeks and months, it will be important for the community to continue engaging in open and constructive dialogue, sharing ideas and expertise, and working together to drive the development of Terra Luna Classic forward. By doing so, the community can ensure that the cryptocurrency remains a vibrant and innovative force in the digital asset space.