Is LUNC Price $0.0005 Next? Terra Classic Passes Key Proposal

Is LUNC Price $0.0005 Next

The Terra Classic community has voted for Proposal 11111, which will get rid of Proposal 10983 and help Binance, the crypto exchange that burns the most LUNC. Instead of 50% of the 0.2% burn tax, the proposal will bring back 10% and add it to the community pool.

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Edward Kim, a core developer for Terra Classic, was against Proposal 10983 because it could end the way Binance burns LUNC.

Terra Classic Community Passes Proposal 11111

The Terra Classic community is voting on “Repeal Proposal 10983,” which is Proposal 11111. The goal of the proposal is to get rid of Proposal 10983, which gave 50% of the 0.2% burn tax to the community pool instead of 10% for on-chain development.

Proposal 11111 has passed the threshold because it has almost 82% support and only 2% opposition. Also, 12% voted “No with veto” and 4% stayed away from the vote.

Almost 39 validators

Almost 39 validators have voted in favour of the proposal, and only three have voted against it. Allnodes, Interstellar Lounge, and LUNC DAO, which have the most votes, all voted “Yes” to get rid of Proposal 10983.

Allnodes said

In a tweet on December 26, Allnodes said that they agreed with Proposal 11111. Also, the validator thinks the community should bring back the 1.2% burn tax because the volume hasn’t changed for the better since the burn tax was cut from 1.2% to 0.2%.

Edward Kim

Edward Kim, a core developer for Terra Classic, told the community to be careful about Proposal 10983. He said that the proposal could get “CZ,” the CEO of Binance, to get rid of the LUNC burn mechanism. Binance is giving back to the community by using the fees it gets from trading LUNC spot and margin pairs to pay for community projects.

LUNC tokens

Over 20 billion LUNC tokens have been destroyed by Binance. While 16 billion LUNC tokens have been burned by the community, other exchanges, and projects.

LUNC Prices Keep Going Up

Last week, the price of Terra Classic (LUNC) went up a lot. The price of LUNC has gone up almost 10% in the last 24 hours, and it is now worth $0.0001565. The 24-hour low is $0.0001434 and the 24-hour high is $0.0001574.

The rally has also been helped by rumours that Coinbase will list LUNC. In the last 24 hours, the number of trades has gone up by more than 110%.

Source: Google Trend

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