Terra Classic Community Passes Crucial Proposal, Is LUNC Price $0.0005 Next?

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 reduce the combustion tax by 10 per cent of 0.2 per cent and add to the community pool instead of 50 per cent of the combustion tax. 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 at repealing proposal 10983, which increased the financing for the Community pool with 50% of the combustion tax of 0.2% instead of 10% for development on the chain.

Proposal 11111 exceeded the threshold, with nearly 82% for and 2% against. Moreover, 12 percent and 4 percent voted "no with veto" and "abstain", respectively.

Approximately 39 validators supported the proposal and 3 disagreed. The validators having the most votes voted "yes" to the abrogation of proposal 10983.

On 26 December, all the nodes announced support for proposal 11111. In addition, the validator believes that the community needs to reinstate the 1.2% combustion tax because there has been no positive change in volume since the 1.2% to 0.2% reduction in combustion.

Terra Classic core developer Edward Kim warned the community about Proposal 10983. He stated that the proposal may do BINANCE CEO "cz" revoke the lunc burn mechanism. Binance burns their lunc spot trading fees and margin trading pairs for their contribution to the community.

Binance burned more than 20 billion lunc chips. While the community, other trade and projects have burned together 16 billion LUNC chips.

Continuation of the upward trend in LUNC prices.

The price of Terra Classic (LUNC) has increased significantly over the past week. The lunc price has skyrocketed close to 10% in the past 24 hours, with the current price at $0.0001565. The 24-hour low and high of $0.0001434 and $0.0001574, respectively.

The rumor of Coinbase listing LUNC has also contributed to the rally. The volume of transactions has skyrocketed by more than 110% over the last 24 hours.

Also Read: Terra Classic Developers Edward Kim, Zaradar Submit New Proposal