Terra Luna Classic Rejects Burn Tax Increase Proposal, $LUNC Price Rises

The #TerraLunaClassic community has rejected Proposal 12105 which sought to increase the LUNC burn tax. The Luna Classic Community also opposed the proposal because there was no rationality and proper plan for its implementation. Although the burn tax concept was rejected, conversations about the burn tax are still prevalent in the Terra Luna Classic ecosystem.

Proposal 12105 Faces Strong Opposition

Proposal 12105, which proposed an increase of the burn tax to 1.5%, was met with a lot of opposition from the community and validators. It was condemned as illogical and a “lazy effort.” ’The critics argued that it was only a text proposal and not a parameter change, which would have been incapable of implementing any changes to the burning tax even if passed.

The proposal was just a text proposal, meaning it wouldn’t have altered the burn tax immediately. Even if it had passed, the bill would have required more proposals and discussions. The proposal got only 21.35% votes in favor of it. 32% of voters were against it, and 38% said “No with veto,” meaning that they were against it to the extent that they wanted it vetoed.

Some of the criticisms from both validators and community members included an absence of data, missing strategies, and ambiguous volume. All these problems played a role in its failure, and more work should be done in future proposals to prevent such problems.

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