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HomeCrypto NewsProposal to Stop Remitting 50% LUNC Burn to Terra Community Now Passes

Proposal to Stop Remitting 50% LUNC Burn to Terra Community Now Passes

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Adoption of the Resolution to Reverse the Allocation of 50% of Burned LUNC to the terra community Pool.

The terms in Proposal 10983 regarding the reminting of 50% of burned LUNC tokens are sought to be immediately repealed by Proposal 11111. 

Proposal 11111, which aims to revoke the parameter modification introduced by Prop 10983, has been successfully advanced by the Terra Luna Classic (LUNC) community and is now on the ballot for the governance vote. 

The parameter adjustment brought about by proposal 11111 will change the community pool’s allotment of all burned LUNC tokens from 50% to 10% after an epoch.

Prop 11111, which was put out a week ago by Matts Market, the co-owner of the LuncLive validator, intends to solve issues brought up by community members in reaction to proposition 10983. 

As of press time, the proposal had an 83.35% “Yes” vote, 11.31% “No with Veto,” and passed the pass threshold on Sunday.

Excitement for Terra Community

Several well-known organizations in the LUNC camp have remarked how thrilled they are with the statistic. 

On Sunday, independent validator BetterLunc announced the accomplishment, echoing the joy of many community members who saw the proposal surpass the pass mark.

Additionally, well-known but anonymous influencer CEO 44 praised the proposal’s approval and asserted that LUNC would find alternative means to draw development.

Another community member named LuncTech also emphasized the importance of the proposal, stating that leading validators like Allnodes, Interstellar Lounge, and LUNCDAO have voted in favor. 

LuncTech advocated for the 1.2% tax burn to be reinstated and for a campaign to give smaller validators more voting power to lessen the influence of big validators.

About Proposal 11111 

Recall that at the end of November, community influencers alerted the public to proposition 10983.

To raise the percentage of burned LUNC that is reminted within a particular epoch from 10% to 50%, a parameter change was proposed. 

The goal of this was to raise additional money to support on-chain advancements. The idea was met with fierce opposition, but it nonetheless passed.

Concerns were expressed about the potential of Binance stopping its LUNC burn campaign because it would seem ineffective to burn its LUNC trading fees only to have them reminted and transferred to the community pool. 

Another issue was the reduced burn rate of the LUNC. To address these issues, Matts Market created proposal 11111, which repeals the terms of Proposition 10983.

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