Terra Luna Classic takes down LUNC Burn once and for all
Community #TerraLunaClassic ruled out a proposal to increase the burning tax to 1.5%. Community members expressed dismay at recurring proposals suggesting changes to the burn tax, especially an increase in the amount.
Terra Luna Classic rejects burning proposal $LUNC
Proposal 12105 “Increase Burn Tax” is rejected by the Terra Luna Classic community, with most headlines criticizing the proposal for lack of reasoning and “lazy effort.” This is a text proposal and not a parameter change, so even if it were approved, it would not change the tax. A new proposal with a compelling description and discussion time on Commonwealth is required.
The proposal received only 21.35% votes in favor. The Terra Luna Classic community voted 32% “No” and 38% “No with veto”, rejecting the narrative to review the burn tax. Validators also voted against the proposal because there is no data to support the tax increase, no complementary strategies to support the tax increase, and no volume projections.
Recently, the community changed the distribution of the LUNC burn tax to an Oracle pool instead of rewards. The proposal received 70% votes in favor and 37 validators supported it. #TerraClassic has a burning tax set at 0.5%. Of this, 80% is for recording and 20% is distributed as 10% to the#Poolcommunity and 10% to the Oracle group.
