terra luna Classic Community Renews LUNC Burn Tax
The Terra Luna Classic community has approved a proposal to revise the LUNC burn tax. To be more specific, the prize share distribution of the burn tax will be changed instead of the burn tax rate.
Meanwhile, LUNC price is losing steam for further recovery as the broader crypto market remains under selling pressure ahead of the $9.4 billion crypto options expiration.
Terra Luna Classic Burn Tax Proposal Accepted
Offer 12098 “Changing the Burning Tax Reward Share Distribution” Successfully passed by the Terra Luna Classic community. This changes the burn tax distribution to the community pool and Oracle pool.
Notably, the proposal does not change the cremation tax rate or the amount sent to cremation. It just changes the tax burn distribution to the Oracle pool instead of rewards. The proposal received 70% votes in favor, with 37 validators supporting the proposal.
“The technical details of this can be a bit complicated. I’ll try to simplify some of this, at the expense of less precision in the definitions and numbers. This draft was prepared a few weeks ago to include more details on rewards for block bidders. Developer said bidder rewards will be removed with SDK 0.47 so I removed these parts Strath Cole.
Terra Classic’s burn tax is set at 0.5%. 80% of this is allocated to burning, 20% is allocated to the Community Pool, 10% is allocated to rewards. After the offer, 20% will be distributed, 10% to the Community Pool and 10% to the Oracle pool.
Instead of immediate block rewards, a portion of the burn tax will be transferred to long-term staking rewards (Oracle). However, it will reduce APR by approximately 0.5% depending on on-chain volumes.
Also Read: Binance Founder Changpeng “CZ” Zhao Seeks Probation, Receives Unprecedented Support
LUNC and USTC Dropped
LUNC price has fallen 8% in the last 24 hours amid a market-wide sell-off and the price is currently trading at $0.0001027. The 24-hour low and high are $0.0001014 and $0.0001115 respectively. Additionally, the slight decrease in trading volume in the last 24 hours indicates that investors’ interest has decreased.
Meanwhile, the USTC price changed hands at $0.01842, down over 8%. The price increased by 20% last week. The 24-hour low and high are $0.01814 and $0.01997 respectively.
Also Read: Why Are Crypto Prices Falling Today?
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