Terra Luna Classic (LUNC) Burn Tax Change Proposal Officially Passed

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As an analyst with a background in cryptocurrency and blockchain technology, I have closely followed the developments within the Terra Luna Classic community. The recent approval of proposal 12114 to revise the burn tax distribution is an exciting development that has garnered widespread support from the community and validators.

The Terra Luna Classic community has approved a significant proposal for revising the LUNC burn tax distribution via a pay-per-job (PPJ) model. With over 98% backing from both community members and validators, we anticipate implementing this change based on Proposal 12098, which was previously endorsed by the Terra Classic community. The implementation is projected to take place in mid-July.

Terra Classic Community To Revise Burn Tax Distribution

In a recent community vote, proposal 12114 put forward by renowned developer Till Z., also recognized as Fragwuerdig, was approved. This proposal sets the stage for the implementation of changes to the burn tax distribution within the oracle pool, as previously outlined in proposal 12098. The developer has now initiated work on this project.

As a researcher analyzing the voting results, I can say that the proposal received an impressive 98.04% approval from the validators. Out of the 47 validators who took part in the governance process, notable validators including Allnodes, Interstellar Lounge, JESUSisLORD, Stakely, and HappyCattyCrypto expressed their strong support for this proposal.

Previously announced, Terra Classic imposes a burn tax of 0.5%. Of this tax, 80% is allocated for burning, while the remaining 20% is distributed. According to proposal 12098, this distribution consists of 10% to the Community Pool and another 10% to the Oracle pool.

As a researcher studying the Terra ecosystem, I’d like to explain how the burn tax mechanism for LUNC impacts rewards. Instead of directly affecting immediate block rewards, the taxed portions will be allocated towards long-term staking rewards, specifically for Oracle. This change aims to enhance the attractiveness of LUNC staking and contribute to its overall improvement. Furthermore, validators stand to benefit from this mechanism, though it may lead to a slight decrease in Annual Percentage Rates (APR) by approximately 0.5%, depending on on-chain volumes.

LUNC and USTC Pares Recent Gains

As a market analyst, I’ve noticed that both LUNC and USTC have returned to their lowest prices in the past two months. Should the support level for LUNC at $0.000090 be breached once more, it would open the door for further declines by bears in the market.

The price of LUNC dipped by more than 4% within the past 24 hours, now standing at $0.0009051. The lowest and highest prices during this period were recorded as $0.00008112 and $0.00009757 respectively. Additionally, there was a 7% decrease in trading volume over the same timeframe, although the Binance LUNC burn mechanism continues to operate positively.

Simultaneously, USTC’s price dipped by 5% and is currently priced at $0.0184. Notably, the 24-hour trading volume experienced a minimal decrease of only 2%, indicating that traders seized the opportunity to buy at a lower price.

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2024-06-18 18:28