The proposal to increase the burn tax in the Terra Luna Classic community has faced strong opposition from its members. They have deemed it illogical and a lazy effort, leading to its rejection. The community has made a significant decision to change the distribution of the burn tax from rewards to an oracle pool.
The rejection by the community has been quite substantial. Out of the voters, only 21.35 percent approved the plan, while 32 percent rejected the narrative for modifying the burn tax and 38 percent vetoed it. Validators also voted against the proposal due to the lack of volume predictions, statistical support for the tax hike, and complementary methods.
In light of this, the community has chosen to switch the distribution of the LUNC burn tax. Previously, it was allocated to rewards, but now it will be divided between the Community Pool and the Oracle Pool. Of the total burn tax, 80 percent will go towards burn, while the remaining 20 percent will be split equally between the Community Pool and the Oracle Pool.
Additionally, the recent batch of the LUNC burn mechanism saw approximately 1.4 billion Terra Luna Classic tokens burned by Binance, a prominent crypto exchange. This brings the total number of LUNC tokens burnt by Binance to over 57 billion.
In other crypto news today, Hashdex has withdrawn its bid for an Ethereum ETF after the SEC approved proposals from its competitors.