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Terra Classic Community Approved Proposal 5234This will reduce the 1.2% tax burden to 0.2% and reserve an additional 10% tax revenue for ecosystem infrastructure and contributors.
According to LUNC developer, 83% of the community participated in the voting process and the proposal was approved by 82% of the votes in favor.the new tax rate Epoch 98, Based on the current block rate, it will arrive around 12:50 UTC on October 19th.
The news was published by community member Akjiro on his personal Twitter account.
Proposal 5234 passed!
This was a community suggestion submitted by a community member who passed governance!@kucoincom voted for the first time
Vote rate 82%we are decentralized. I encourage everyone to start a discussion and take action!
Akujiro (@Akujiro2) October 17, 2022
Creator of the 1.2% tax burn proposal also approved Proposals to reduce the tax burden. Proposition 5234 was endorsed by influential community members such as KuCoin, Alex Forshaw, and community influencer Classy Crypto.
Edward Kim, one of the co-authors of the 1.2% tax burn proposal, said: It was published Article on his medium account explaining the benefits of reducing the tax burden to 0.2% and the need to collect 10% tax revenue for the ecosystem
He explained that the 10% tax revenue is the “seigniorage”, which is calculated by extracting the cost of obtaining collateral from the newly minted currency.
he said:
At the end of the epoch, all burnt tokens will be immediately reissued and immediately burnt again. This means that even if the reward weight is set to 0.9 or 90% burn, it will seemingly work as follows: Burns 100% in a week and casts 10% of that burn. “
Big exchange Binance had a hard time deciding whether to apply the initial 1.2% tax burden.Initially, it announced that there would be no tax burning
Then, after the September 23rd AMA session, Binance CEO Changpeng Zhao (CZ) decided to add an opt-in button to allow LUNC community members who wish to write to do so. Soon after, CZ realized that the opt-in plan was too detailed to be implied, and announced that Binance would apply his 1.2% tax burden to all transactions.
At another AMA session held recently, CZ asked the LUNC community to reduce the tax burden as Binance alone burned about 11 billion LUNC tokens since its decision to apply a 1.2% tax burden. I asked.
After Proposition 5234 was passed, community member Akujiro posted another tweet tagged Binance and CZ, saying the community heard him.
@kucoincom @Binance @cz_binance Proposition 5234 passed and will be published soon.
We listened to CZ’s AMA and took his advice to heart!
The community continues and now we need answers:Can you burn it? #kucoinburnlunc pic.twitter.com/p64USxaGcl
Akujiro (@Akujiro2) October 17, 2022
In response, Binance has announced to users that Epoch 98 will imply a new LUNC tax burden of 0.2%.
