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Terra Classic Community Veto Burn Tax Proposal, Binance Charity Support – Crypto News

Published

2 years ago

June 1, 2024

Dripp

The Terra Classic community is currently engaged in a vote regarding Proposal 12111, which seeks to alter the burn tax structure and boost support for charity via Binance.

As the voting is due in three days, the preliminary figures also point to a resounding rejection with the votes being divided between ‘No’ and ‘No with veto’.

Terra Classic Community Veto Burn Tax Proposal

Introduced on May 27, Proposal 12111 seeks to modify the existing burn tax rate to 1.2% while changing the utilization of the collected funds. This distributed manner would mean that 70% of the collected tax would be burned immediately, while 10% would be directed to the community pool and 10% to charity through the Binance Charity in partnership with the Superhumans Foundation for Ukrainian war victims.

This change further aims at restoring the economic equilibrium of Terra Classic and at the same time promoting charity activities. From the currently ongoing voting on Proposal 12111, Terra Classic has reached a crucial juncture in its governance, as 566.00 billion out of 992.43 billion possible votes have been cast.

Up to date, 1.21% voted ‘Yes’ for this proposal, while 36.27% voted ‘No,’ and 45.93% voted for ‘No with veto.’ The same pattern can be observed with Proposal 12105 of increasing the burn tax to 1.5%, which was rejected with only 21.35% support due to the absence of logical and detailed planning and implementation strategy.

Software Upgrade Proposal 12110

In contrast to the contentious tax proposals, the community showed overwhelming support for Proposal 12110, Genuine Labs’ v3.0.1 software upgrade proposal.

As Coingape reported earlier, this proposal, scheduled for June 2, promises improvements in the chain’s functionality, including SDK v0.47 and other major updates, received 99.9% approval from the community and validators.

LUNC and USTC Price Trend

Amid this vote, the Terra Classic (LUNC) price has been in a bearish trend in the last 24 hours after failing to breach the resistance at $0.0001252.

As a result, bears have the upper hand, with LUNC trading at $0.0001184 as of press time, a 4.55% decline. During this dip, the support at $0.0001171 managed to hold steady.

Concurrently, TerraClassicUSD (USTC) has faced a similar trend with a 24-hour high and low of $0.02511 and $0.02332. Despite attempts to recover, as of press time, USTC price was trading at $0.02379, a 3% dip from the intra-day high.