The Terra Luna Classic community has recently made an important decision. The proposal to increase the burn tax to 1.5% was turned down by the majority of its members. Many in the community were not in favor of repeatedly changing the burn tax, especially increasing it.

Community Says No to Burn Tax Increase

The proposal, known as number 12105, aimed at raising the burn tax, was rejected by the Terra Luna Classic community. Most voters found the proposal to be poorly thought out and described it as a "lazy effort." It is worth noting that this was a text proposal and not an actual parameter change, so even if it had passed, it would not have altered the tax rate.

The voting results showed only 21.35% in favor, while 32% voted against, and 38% voted "no with veto," clearly rejecting the proposal. Validators also opposed the proposal due to the absence of supporting data, additional strategies, and volume projections to justify the tax hike.

Recently, the community approved a different proposal to reallocate the LUNC burn tax to the oracle pool instead of rewards, which received 70% approval with backing from 37 validators.

Current Burn Tax Distribution and Price Movements

The burn tax for Terra Classic is currently set at 0.5%. Of this amount, 80% is dedicated to burning, while the remaining 20% is divided equally between the Community Pool and the Oracle Pool.

As for the price of LUNC, it is trading at $0.0001150, reflecting a 2% decrease in the past 24 hours. The lowest and highest prices in this period were $0.0001143 and $0.0001207, respectively. Additionally, there has been a 31% increase in trading volume in the last day, showing a growing interest among traders.

Meanwhile, the price of USTC, a former stablecoin, remains stable at $0.02269, with a 1% drop. The lowest and highest prices for USTC in the last 24 hours were $0.02246 and $0.02377, respectively.

In conclusion, the Terra Luna Classic community has made it clear that they are not in favor of increasing the burn tax, opting instead to focus on more strategic and well-supported proposals. The recent reallocation of the burn tax to the oracle pool highlights their commitment to effective and beneficial changes.