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Binance Charity Supports Terra Classic Community’s Decision to Veto Burn Tax Proposal

Exciting news from the Terra Classic community! There’s a vote happening right now on Proposal 12111 to make changes to the burn tax structure and show more support for charity through Binance.

With the deadline for voting just three days away, the initial data suggests a strong rejection, with votes split between ‘No’ and ‘No with veto’ options.

Terra Classic Community Makes Important Decision on Burn Tax

Launched on May 27, Proposal 12111 aims to adjust the burn tax rate to 1.2% while changing how the collected funds are used. This new plan allocates 70% for immediate burn, 10% to the community pool, and 10% for charity through Binance Charity supporting the Superhumans Foundation for Ukrainian war victims.

This modification is intended to stabilize the economic balance of Terra Classic while also promoting charitable endeavors. In the current vote on Proposal 12111, Terra Classic is at a critical point in its governance process, with 566.00 billion out of 992.43 billion potential votes cast.

So far, 1.21% of voters are in favor of the proposal, while 36.27% oppose it, and 45.93% support ‘No with veto.’ A similar outcome was observed with Proposal 12105 to raise the burn tax to 1.5%, which only garnered 21.35% approval due to insufficient planning and strategy.

Exciting Tech Upgrade: Proposal 12110

In contrast to the controversial tax proposals, Proposal 12110 for Genuine Labs’ v3.0.1 software upgrade has received overwhelming support from the community. This proposal, set for June 2, promises significant improvements to the chain’s functionality, including SDK v0.47 and other major updates, with a whopping 99.9% approval rate from the community and validators.

LUNC and USTC Price Movement

As the vote unfolds, the price of Terra Classic (LUNC) has experienced a bearish trend over the last 24 hours, unable to break the resistance at $0.0001252.

As a result, bears are in control, with LUNC trading at $0.0001184 at the moment, reflecting a 4.55% decline. Despite the dip, the support at $0.0001171 has remained strong.

At the same time, TerraClassicUSD (USTC) has followed a similar trend, reaching a 24-hour high and low of $0.02511 and $0.02332. Despite attempts at recovery, the current USTC price stands at $0.02379, down 3% from the intra-day peak.

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