terra luna Classic (LUNC) Incineration Tax Amendment Proposal Officially Accepted
The Terra Luna Classic community adopted a major proposal to implement a revised LUNC burn tax distribution. This pay-per-work (PPJ) proposal has over 98% support from community members and validators to continue the changes over proposal 12098, which was previously accepted by the Terra Classic community in previous months. It is expected to be implemented in mid-July.
Terra Classic Community to Revise Burn Tax Distribution
Pay-per-work proposal 12114 from popular developer Till Z., known as Fragwuerdig, has been accepted by the Terra Luna Classic community. The developer has begun working to implement the burn tax distribution change for oracle pool sharing as outlined in proposal 12098.
The proposal received 98.04% “Yes” votes, indicating that the proposal has great support from validators. Among the 47 validators participating in the governance vote, top validators such as Allnodes, Interstellar Lounge, JESUSisLORD, Stakely, HappyCattyCrypto support the proposal.
As previously reported, Terra Classic’s burn tax is set at 0.5%. 80% of this is for burning, 20% is distributed to the Community Pool and 10% to rewards. According to 12098, 10% of the 20% share will be distributed to the Community Pool and 10% to the Oracle pool.
This will impact immediate block rewards for LUNC users. Instead, a portion of the burn tax will be transferred to long-term staking rewards (Oracle) to improve LUNC staking. Additionally, it will help validators but reduce APR by around 0.5% depending on on-chain volumes.
Also Read: Binance Increases Support for Revitalization of LUNC and USTC to $1
LUNC and USTC Pare Recent Gains
LUNC and USTC prices returned to 2-month lows. If the LUNC support level at $0.000090 breaks again, the bears may take over.
LUNC price has fallen over 4% in the last 24 hours and the price is currently trading at $0.0009051. The 24-hour low and high are $0.00008112 and $0.00009757 respectively. Additionally, the transaction volume decreased by another 7% in the last 24 hours, but the conditions of the binance LUNC burning mechanism are good.
Meanwhile, USTC price also dropped by 5% and the price is currently trading at $0.0184. 24-hour trading volume has seen a decline of just 2% in the last 24 hours as investors bought the dip.
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