The Terra Classic community has passed Proposal 11111 to repeal Proposal 10983 and support its largest LUNC burn contributor crypto exchange Binance. The proposal will bring back 10% remint from the 0.2% burn tax and add to the community pool, instead of 50% remint. Terra Classic core developer Edward Kim opposed Proposal 10983 as it could end the LUNC burn mechanism by Binance.
Terra Classic Community Passes Proposal 11111
The Terra Classic community currently votes on Proposal 11111 “Repeal Proposal 10983“. The proposal aims to repeal Proposal 10983, which increased funding for the community pool with 50% of the 0.2% burn tax instead of 10% for on-chain development.
Proposal 11111 has passed the threshold, with almost 82% votes in favor and 2% votes against the proposal. Also, 12% and 4% voted “No with veto” and “Abstain,” respectively.
Almost 39 validators have supported the proposal and 3 oppose the proposal. Validators with the most voting power Allnodes, Interstellar Lounge, and LUNC DAO voted “Yes” to the repeal of Proposal 10983.
Allnodes in a tweet on December 26 announced their support for Proposal 11111. Moreover, the validator believes the community must bring back the 1.2% burn tax as no positive changes in volume have been seen since reducing burn from 1.2% to 0.2%.
Terra Classic core developer Edward Kim warned the community about Proposal 10983. He said the proposal can make Binance CEO “CZ” revoke the LUNC burn mechanism. Binance is burning its trading fees on LUNC spot and margin trading pairs for its contribution to the community.
Binance has burned over 20 billion LUNC tokens. While the community, other exchanges, and projects have together burned 16 billion LUNC tokens.
LUNC Price Rally Continues
Terra Classic (LUNC) price has rallied massively last week. The LUNC price has soared nearly 10% in the last 24 hour, with the current price trading at $0.0001565. The 24-hour low and high are $0.0001434 and $0.0001574, respectively.
The rumor of Coinbase listing LUNC has also contributed to the rally. The trading volume has jumped over 110% in the last 24 hours.
Also Read: Terra Classic Developers Edward Kim, Zaradar Submit New Proposal