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Terra Luna Community Divided Over Ongoing Vote to Raise Burn Tax
Coinspeaker Terra Luna Community Divided Over Ongoing Vote to Raise Burn Tax
The Terra Luna community has embarked on a voting system to decide on a proposal on whether to raise the burn tax from 0.5% to 1.5%. This could help reduce the supply of LUNA Classic LUNC $0.00011 24h volatility: 9.6% Market cap: $610.65 M Vol. 24h: $64.88 M and USTC $0.0197 24h volatility: 8.6% Market cap: $109.35 M Vol. 24h: $26.50 M tokens, increasing their prices and providing more funds for community projects.
The voting is based on proposal 12149, “Set On-Chain Tax Rate to 1.5%,” on the Station wallet, which suggests increasing the on-chain tax rate from 0.5% to 1.5%. The tax rate would stay at 1.5% unless the total supply of LUNC reaches 10 billion LUNC.
The 0.5% LUNC burn tax is divided into 80% and 20%. The 20% is then split equally, with 10% allocated to the community pool and 10% to the oracle pool. If the proposal passes, the new tax rate will allocate 1.2% of the tax to burning tokens, while the remaining 0.3% will go to the Community and Oracle Pools, which fund future developments and provide staking rewards. This change would increase the funds available for these pools, potentially boosting the ecosystem’s growth.
Terra Luna Community Divided as Voting Continues on Impact of Higher Taxes
Many in the community are opposed to the increase, leading to division. Top figures, such as Binance co-founder Changpeng Zhao, have suggested keeping the burn tax low. Others believe it’s time to update the tax rate.
A user named “Terra Classic Validator by Lunanauts” noted that he voted against raising the Luna Classic tax to 1.5% becaus$ETH
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#BinanceAlphaAlert #BTCNextMove #USUALBullRun #MarketPullback #USUALTradingOpen k. He argues that higher taxes might reduce on-chain activity, as users may avoid transactions due to higher fees. This could lower the expected burn rate, harm market sentiment, and potentially decrease LUNC’s value. $BTC