Binance Shows Potential Support for Terra Classic Community by Proposing a 0.5% Burn Tax Increase, While Clarifying Its Decision to Temporarily Suspend LUNC Burn Mechanism
Following a series of denied proposals pertaining to the augmentation of LUNC burn and burn tax, the Terra Luna Classic community has ultimately resolved to escalate the LUNC burn tax. This decision comes in light of the recent decline in LUNC price, which plummeted below $0.000010 last week, reminiscent of the unprecedented drop experienced in May when TerraUSD (UST) and LUNA prices drastically collapsed.
Simultaneously, various influential figures within the Terra Classic community have alluded to forthcoming proposals in June, seeking to reinstate the LUNC burn tax to its original level of 1.2%. However, prior to implementing such measures, the community will need to garner the support of Binance CEO, known as “CZ,” as Binance has cautioned that it may rescind its LUNC burn mechanism.
Terra Classic Community Holds Vote to Raise Burn Rate to 0.5%
Proposal for Permanent Increase in Burn Tax Gains Momentum in Terra Classic Community as Binance Supports Its Implementation
Within the Terra Classic community, there is a growing sentiment that the burn tax should be permanently elevated to its initial level of 1.2%, a measure initially introduced by esteemed core developer Edward Kim. Notably, Binance, a prominent player in the ecosystem, has expressed agreement with this stance, highlighting that the reduction of LUNC spot and margin trading fees contribution to 50% was not influenced by the burn tax itself, but rather by Proposal 10983, aimed at allocating funds to the community pool from the burn tax.
The anticipated rise in the burn tax is expected to have a positive impact on Binance LUNC burns, leading to an overall increase in the LUNC burn rate. Additionally, a newly emerged project has successfully burned a substantial 1.5 billion LUNC tokens over a two-week period, surpassing the monthly burn rate of Binance, which stood at 1.2 billion LUNC.
Presently, the LUNC price is trading at $0.000089, exhibiting a marginal 1% decline within the last 24 hours. During this period, the lowest and highest recorded values were $0.0000871 and $0.000091, respectively.
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