Terra Luna Classic (LUNC) Implements Permanent Burn Mechanism to Boost Value

• The Terra Luna Classic community has recently rejected a proposal to increase the burn tax to 1.5%.
• Community members and validators have expressed their disapproval, citing a lack of supporting data and strategic planning.
• Despite the rejection, the LUNC price has seen a 1% increase in the last 24 hours, indicating rising interest among traders.

Discover the latest developments in the Terra Luna Classic community as they reject a proposal to increase the burn tax, and explore the implications for LUNC prices and future strategies.

Terra Luna Classic Rejects LUNC Burn Proposal

The Terra Luna Classic community has decisively rejected Proposal 12105, which aimed to increase the burn tax to 1.5%. The proposal was met with significant criticism for its lack of detailed reasoning and perceived “lazy effort.” Notably, this proposal was a text proposal and not a parameter change, meaning even if it had passed, it would not have immediately altered the tax rate. A new, more comprehensive proposal with a compelling description and ample discussion time on Commonwealth would be required for any changes to take effect.

Community and Validator Response

The proposal garnered only 21.35% “Yes” votes, with 32% voting “No” and 38% opting for “No with veto.” This overwhelming rejection reflects the community’s stance against revising the burn tax without substantial supporting data and strategies. Validators also opposed the proposal, citing the absence of volume projections and complementary strategies to justify the tax increase. Recently, the community approved a change in the LUNC burn tax distribution, directing a portion to the oracle pool instead of rewards. This proposal received 70% approval, with 37 validators supporting it.

LUNC Price Jumps Amid Rising Sentiment

Despite the rejection of the burn tax proposal, the LUNC price has experienced a 1% increase over the last 24 hours, currently trading at $0.0001145. The 24-hour trading range has been between $0.0001143 and $0.0001207. Additionally, trading volume has surged by 70%, indicating heightened interest among traders. This price movement suggests that while the community may not support the burn tax increase, there is still significant interest and activity surrounding LUNC.

Market Reactions and Future Outlook

Meanwhile, the USTC price has remained relatively stable, trading at $0.02237 with a 24-hour range of $0.02246 to $0.02377. The broader market sentiment towards Terra Luna Classic and its associated tokens appears to be cautiously optimistic. The community’s focus seems to be on sustainable and well-supported proposals that can drive long-term value. As the Terra Luna Classic ecosystem continues to evolve, stakeholders will likely prioritize initiatives that offer clear benefits and are backed by robust data and strategic planning.

Conclusion

The rejection of the proposal to increase the LUNC burn tax to 1.5% underscores the Terra Luna Classic community’s demand for well-reasoned and data-supported initiatives. Despite this setback, the LUNC price has shown resilience, reflecting ongoing interest and engagement from traders. Moving forward, the community and validators will likely continue to scrutinize proposals closely, ensuring that any changes align with the broader goal of sustainable growth and value creation within the Terra Luna Classic ecosystem.