In a dramatic turn of events, the Terra Classic community has decisively vetoed Proposal 12111, a significant measure aimed at modifying the burn tax and enhancing charity contributions through Binance. The proposal, introduced on May 27, faced a resounding rejection as preliminary votes indicated a strong opposition, with most votes split between âNoâ and âNo with vetoâ.
Proposal 12111: The Details
Proposal 12111 sought to revise the burn tax rate to 1.2%, with a strategic allocation of the collected funds: 70% for immediate burning, 10% to the community pool, and another 10% directed towards charity via Binance Charity in collaboration with the Superhumans Foundation, specifically for Ukrainian war victims. This proposal aimed to balance Terra Classic's economic dynamics while boosting charitable activities.
Voting Results So Far
As the voting period approaches its final three days, the Terra Classic community has cast 566.00 billion out of 992.43 billion possible votes. The preliminary figures show a mere 1.21% in favor of the proposal, contrasted sharply by 36.27% voting 'No' and a significant 45.93% opting for 'No with veto'.
Parallel Proposal 12105
This strong opposition mirrors the fate of Proposal 12105, which sought to increase the burn tax to 1.5%. It was similarly rejected, garnering only 21.35% support, criticized for its lack of detailed planning and execution strategy.
Bright Spot: Software Upgrade Proposal 12110
Amidst these contentious tax proposals, Proposal 12110 has received overwhelming support from the community. This software upgrade proposal from Genuine Labs, scheduled for June 2, promises substantial improvements in the chainâs functionality, including SDK v0.47 and other major updates. Garnering 99.9% approval, it stands in stark contrast to the rejected tax proposals.
Market Reactions: LUNC and USTC Trends
In the wake of these votes, Terra Classic (LUNC) has experienced a bearish trend, failing to break resistance at $0.0001252 and dropping to $0.0001184, a 4.55% decline. Support at $0.0001171 has held steady during this dip. Similarly, TerraClassicUSD (USTC) has seen a downward trend, with prices fluctuating between $0.02511 and $0.02332 over the past 24 hours, currently trading at $0.02379, a 3% drop from its intra-day high.
As the Terra Classic community navigates these pivotal decisions, the outcomes of these proposals could significantly shape the future trajectory of the network, both economically and socially. Stay tuned as the final votes roll in and the communityâs direction becomes clear.