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HomeCrypto NewsVote to Stop Remitting 50% Terra Classic Burns To Community Pool Now...

Vote to Stop Remitting 50% Terra Classic Burns To Community Pool Now Open

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Voting is currently open on a proposal to stop allocating 50% of all Terra Classic burns to the community pool after each epoch.

A motion to stop the reminting of 50% of all Terra Luna Classic (LUNC) burns allocated to the community pool after each epoch is up for a vote by the Terra Classic community. 

This parameter change was implemented with CosmosCapybara’s proposal 10893.

According to the most recent proposal with ID 11111, the parameter should be changed back to its previous value of 10%, which would have decreased the on-chain tax to 0.2%.

The latest proposal’s author, Matt’s Market (@MarktMatts), claims that the current 50% reminting rate runs the danger of alienating Terra Classic community members who oppose the change.

It is important to note that during the voting process for proposal 10893, it encountered opposition for the same reason, in addition to worries about the effects on the rate of LUNC burns, which has dramatically decreased recently. 

At the time, CosmosCapybara contended that the modification was required to finance network development efforts sustainably.

Furthermore, TerraCVita, a separate Terra Classic development team, has already approved the most recent proposal. 

According to the group, the 50% reminting rate takes “advantage of the goodwill of others.”

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