Terra Classic Community Veto Burn Tax Proposal, Binance Charity Support

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As a long-term crypto investor with experience in the Terra Classic ecosystem, I find myself at a crossroads regarding Proposal 12111. The proposed burn tax structure modification and charity support through Binance seems like a noble initiative, but the preliminary voting results indicate otherwise.

The Terra Classic community is now holding a vote on Proposal 12111. This proposal aims to make changes to the burn tax system and increase charitable donations through Binance.

In the upcoming vote, which takes place in just three days, the initial data suggests a strong rejection of the proposition. The votes appear to be evenly distributed between “No” and “No with veto.”

Terra Classic Community Veto Burn Tax Proposal

Proposed on May 27th, Proposal 12111 aims to make adjustments to the current burn tax rate by increasing it to 1.2%. A significant shift in how the accumulated funds are utilized will be implemented with this change. Specifically, 70% of the collected taxes will be burned instantly, while 10% will be allocated to the community pool and an equal percentage (10%) will be channelled to charity via the Binance Charity Foundation in collaboration with the Superhumans Foundation, primarily for humanitarian aid related to the Ukrainian conflict.

This modification intends to both restore economic balance for Terra Classic and foster charitable initiatives. With over half of the potential votes, or 566 billion out of 992.43 billion, being cast in the ongoing Proposal 12111 ballot, Terra Classic is now at a pivotal point in its decision-making process.

As a crypto investor, I’ve closely followed the recent voting results on proposals 12121 and 12105. For proposal 12121, about 1.21% of us voted in favor, whereas 36.27% cast their votes against it. The remaining 45.93% opted for “No with veto.” Similar trends were noticed for proposal 12105, which aimed to increase the burn tax to 1.5%. Unfortunately, this proposition received only 21.35% approval due to the lack of a clear and comprehensive plan for its implementation.

Software Upgrade Proposal 12110

As a researcher studying the public response to various tax proposals, I’ve encountered some controversies that sparked heated debates among community members. However, in stark contrast to these contentious issues, Proposal 12110, Genuine Labs’ v3.0.1 software upgrade proposal, received an unprecedented level of support from the community. This overwhelming endorsement underscores the significance and importance of this particular proposal for our digital infrastructure.

According to a previous report by Coingape, the proposed update slated for June 2 brings anticipated enhancements to the network’s performance. These advancements include SDK version 0.47 and significant other modifications. This proposal gained nearly unanimous approval from both the community and validators, with a remarkable approval rating of 99.9%.

LUNC and USTC Price Trend 

During this voting period, the price of Terra Classic (LUNC) has followed a downward trajectory over the past 24 hours as it was unable to surpass the resistance level at $0.0001252.

I’ve observed that bears are currently in control, with LUNC being traded at $0.0001184 based on the latest press reports, representing a 4.55% decrease. During this price downturn, the support level at $0.0001171 has remained robust and unyielding.

At present, TerraClassicUSD (USTC) has experienced a comparable pattern with a peak price of $0.02511 and a low of $0.02332 within the last 24 hours. Despite efforts to rebound, USTC’s price is currently being traded at $0.02379 as reported, representing a 3% decrease from its highest point during the day.

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2024-05-31 23:01