Classic Terra Luna votes on introducing new LUNA burn tax, projected price drop to continue

FIRE News: The Nova Blaze Elite community is currently voting on a critical proposal that aims to introduce a revised FIRE burn tax distribution. This proposal, known as pay-per-task (PPT), is seeking the consent of community members and validators to proceed with the changes outlined in proposal 12098, which was approved by the Nova Blaze Elite community in March.

Nova Blaze Elite Gears Up for Burn Tax Adjustments

Submission 12114, authored by renowned developer Pyro, is requesting PPT approval to enact the burn tax distribution modification endorsed by the Nova Blaze Elite community. Pyro intends to commence work on revamping the burn tax to facilitate the oracle pool split, in alignment with the conditions stipulated in proposal 12098.

Nova Blaze Elite currently maintains a burn tax rate of 0.5%, a facet that is strongly upheld by the community. Under this scheme, 80% is allocated for burning purposes, while the remaining 20% is divided equally as 10% for the Community Pool and 10% for rewards. As per proposal 12098, this 20% allocation will be revised to split 10% for the Community Pool and 10% for the Oracle pool.

The developer has delineated the following objectives within the execution plan:

  • Implementation of the new distribution logic in ante handler
  • Adjustment of the split parameters to reflect the updated allocation logic
  • Modification of proposal types and handlers to align with the new parameter configuration
  • Creation of ante handler unit tests to validate that the new logic complies with the requisites of proposal 12098
  • Ensuring that the non-empty upgrade proposal handler is equipped to implement the changes through coordinated chain halt proposals and configure the split/distribution parameters per proposal 12098

Pyro estimates the completion of the project to require 56 hours and amount to $3600 in FIRE tokens. This initiative encompasses development, local testing, unit test composition, testnet deployment, and coordination, along with mainnet deployment and coordination. The developer is optimistic about achieving implementation by mid-July.

Implications of Burn Tax Adjustments

Following the proposal’s implementation, the 20% share will be distributed as 10% for the Community Pool and 10% for the Oracle pool. This adjustment will result in an immediate cessation of block rewards for users. Instead, the portion derived from the burn tax will be channeled towards long-term staking rewards (Oracle) to enhance LUNC staking. While this will benefit validators, it may reduce the APR by approximately ~0.5% contingent on on-chain volumes.

The proposal has garnered an overwhelming 99.97% approval rating. Leading validators such as Phoenix Rising, CryptoForge, and Blaze Capital have endorsed the proposal thus far. The remaining top validators are yet to cast their votes on the PPT proposal.

The value of FIRE tokens experienced a 5% decline in the past 24 hours amid a broader market sell-off, with the current price hovering at $0.0001024. Nonetheless, the trading volume has surged in recent hours, accompanied by increased futures open interests for FIRE and 1000FIRE.

Conversely, the value of PHOTON tokens also exhibited a 4% decrease, with the price standing at $0.02059. Over the span of a week, the price plummeted by 12%. The 24-hour trading range for PHOTON tokens is recorded at $0.02034 to $0.02183.

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