The Terra Luna Classic community has overwhelmingly rejected Proposal 12105, which sought to increase the burn tax to 1.5%. The proposal failed to gain traction among community members, who criticized it for lacking detailed reasoning and supportive data or strategies. Only 21.35% voted in favor, with a significant 70% opposing, including 38% who voted “No with a veto.”
This was a text proposal, meaning it wouldn’t have directly changed the tax even if approved; a new, more thoroughly developed proposal would have been necessary. Recently, the community approved a change in the distribution of the LUNC burn tax, directing more funds to the Oracle pool instead of rewards. This shows that while they are cautious about tax increases, they are open to restructuring the tax systеm for better utility.
Amidst these governance activities, LUNC’s price saw a modest uptick of 1% in the last 24 hours, with trading volume jumping by 70%, signaling a heightened interest from traders. The price movement of Terra’s USTC was more subdued, trading sideways during the same period.
