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Terra Classic Community Passes Two Crucial Proposals

The Terra Classic community has voted to approve two crucial proposals that will impact the burn rate and funding for the community pool in the coming days. While the community has officially passed the two-part proposals, core developer Edward Kim warned of its impact on the community pool. The move comes amid the ongoing effort to increase the LUNC burn rate.

Two-Part Proposal Passed by the Terra Classic Community

The proposal aims to stop the re-minting of Terra Classic (LUNC) tokens from burns by setting the seigniorage reward policy to zero and increasing gas fees by 5x to fund the community pool. The proposal was divided into two parts in order to implement the change to the Terra Classic chain.

Proposal 11242 will set the seigniorage reward policy to zero, effectively stopping LUNC re-minting from burns. Currently, the 10% LUNC is re-minted from the 0.2% burn tax after each epoch and added to the community pool.

The proposal has received 95.98% votes in favor from the community. Moreover, 51 validators have voted “Yes” and 2 validators have voted “No” on the proposal. Top validators such as Allnodes, Orion.Money, Classy’s Sphere, and others have approved the proposal.

Meanwhile, Proposal 11243 will increase gas fees by 5 times and 50% of the transaction fee will go to the community pool for developer funding.

The proposal has received 90% of votes in favor and 11% of votes against the proposal. Moreover, 42 validators have voted “Yes” and 7 validators have voted “No” on the proposal. While validators approved the proposal, new details from Terra Classic core developer Edward Kim led validators to change their vote.

Terra Classic core developer Edward Kim warns the community that the proposals could severely impact funding for the community pool as data shared in the proposal has a miscalculation. Thus, it shows extra fees being distributed. However, a fix could later witness much less going to the community pool.

So read: Terra Classic Community Burns Over 12 Million LUNC, Price Jumps

LUNC Price Awaits Rally to $0.00020

Terra Classic (LUNC) price fell nearly 2% in the last 24 hours, with the price currently trading at $0.0001633. The 24-hour low and high are $0.0001623 and $0.0001689, respectively.

As per CoinGape analysis, a potential breakout from $0.000185 will intensify the buying momentum and drive the prices 40% higher to hit $0.000285.

So read: Lead Developer Confirms Terra Classic’s (LUNC) Compatibility With Interchain Station

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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