Burn

Terra Classic

Terra

Raise

Terra Luna Classic community members contemplate raising the burn tax from 0.5% to 1.5% amid the burn tax distribution and Tax2Burn proposal. The community remains divided on the proposal to increase the on-chain tax rate, fearing crypto exchange Binance may suspend the LUNC burn mechanism.
<h2 id="terra-luna-classic-proposes-to-revise-on-chain-tax-to-1-5">Terra Luna Classic Proposes To Revise On-Chain Tax to 1.5%</h2>
Terra Classic validator JesusisLord proposed increasing the on-chain tax rate from 0.5% to 1.5%. The validator also suggests keeping the burn tax unchanged until a total supply target of 10 billion LUNC is reached. This is similar to the community’s initial target set during the burn tax mechanism incorporation.
The 0.5% LUNC burn tax is currently split into 80% and 20%, with the 20% breakdown as — 10% to the community pool and 10% to the oracle pool. With the v3.1.3 upgrade for tax burn distribution successfully implemented, oracle pool will get 10% of the burn tax.
If the tax is increased to 1.5%, it will increase the burn tax to 1.2% from the current 0.4%. Also, it will increase the contribution to the community pool and the oracle pool, making all components boost by three times.
“We can expect a substantial increase in the rate of LUNC and USTC burns from the tax, the community pool funding rate, and funding to the oracle pool for long-term staking rewards,” said the Terra Luna Classic validator.
Notably, this proposal will not proceed for governance voting unless <a href="https://coingape.com/glossary/what-is-tax2gas/" target="_blank" rel="noopener noreferrer nofollow">Tax2Gas</a> is successfully implemented on-chain. Core developer Genuine Labs expects the Tax2Gas to go live in August.
Also Read:&nbsp;<a title="Terra Luna Classic v3.1.3 Upgrade Goes Live, LUNC Awaits Breakout" href="https://coingape.com/terra-luna-classic-v3-1-3-upgrade-goes-live-lunc-breakout/" target="_blank" rel="noopener noreferrer nofollow">Terra Luna Classic v3.1.3 Upgrade Goes Live, LUNC Awaits Breakout</a>
<h2 id="lunc-burn-boost">LUNC Burn Boost</h2>
Raising the burn tax to 1.5% will increase the rate of LUNC and USTC burns from the tax, the community pool funding rate, and funding to the oracle pool for long-term Terra Luna Classic staking rewards.
<a href="https://coingape.com/price/terra-luna-classic/" target="_blank" rel="noopener noreferrer nofollow">LUNC price</a> fell 3% in the last 24 hours amid market-wide selloff, with the price currently trading at $0.00008094. The 24-hour low and high are $0.0000807 and $0.0000843, respectively. However, trading volume has decreased by 38% in the last 24 hours.
Meanwhile,&nbsp;<a href="https://coingape.com/price/terraclassicusd" target="_blank" rel="noopener noreferrer nofollow">USTC price</a> also dropped 4%, with the price now trading at $0.01889. The 24-hour low and high are $0.01878 and $0.01985, respectively. The trading volume saw a 32% drop over the last day.
Also Read: <a title="Breaking: US SEC Amends Binance Lawsuit, No Longer Consider Solana As Security" href="https://coingape.com/sec-amends-binance-lawsuit-no-longer-consider-solana-as-security/" target="_blank" rel="noopener noreferrer nofollow">US SEC Amends Binance Lawsuit, No Longer Consider Solana As Security</a>
The post <a href="https://coingape.com/terra-luna-classic-to-raise-lunc-burn-tax-to-1-5/" rel="noopener noreferrer nofollow">Terra Luna Classic To Raise LUNC Burn Tax To 1.5%?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Terra Luna Classic To Raise LUNC Burn Tax To 1.5%?

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