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%?

Table of Contents

Coingape News Media

Other articles published on Jul 30, 2024

Bitwise Announces 10% Donation of Ethereum ETF Profits to Open-Source Developers

Soaring to New Heights: Toshi vs. the Best Altcoins in the Crypto Jungle

Yona Network Integrates with Babylon Chain to Bridge Bitcoin and Solana

WTK Price Falls as WadzPay Holders Jump Ship After MEXC Listing Announcement, is a Binance Listin...

QuarkChain price prediction: How far it can ramp up?

Husky Inu ($HINU) Presale Generates Over $230,000

Join our free newsletter for daily crypto updates!