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However, the initial voting and sentiments of Terra Classic members and validators indicate the proposal to reinstate the LUNC burn tax to 1.2% could fail. advertisement Terra Classic Turns Down 1.2% Burn Tax Proposal Proposal 11549 “Final Vision Plan for LUNC to $1+” by validator JESUSisLORD aims to increase the LUNC on-chain tax to 1.5%, with a 1.2% burn tax and 0.3% to the community pool. Earlier proposals to increase staking rewards and exempt dapps from the on-chain tax will remain in effect. The proposal seeks the community’s help to convince crypto exchanges to support the 1.2% burn tax. Until now, the proposal has received only 20% votes in favor and 77% “No with veto” votes. Top validators including TCB, MAX, LunaClassic.com, LUNC Development Fund, and Lunanauts have voted “No with veto”, with other top validators yet to on the proposal. Recommended Articles ...

Binance Burns 1.2 Billion Terra Classic (LUNC) Tokens Binance sent 1.612 billion Terra Luna Classic ( LUNC ) tokens to the burn address, contributing to reducing the LUNC  circulating supply, as the burn transaction. It also includes a transaction fee of 2.53 million LUNC . Notably, the 9th batch of the LUNC burn mechanism is for the period March 31 to April 29, 2023. Binance has burned over 31.83 billion Terra Classic tokens in total from spot and margin trading fees. advertisement The decline in the LUNC burn rate by Binance is due to a fall in spot and market trading volume in April. The Terra Classic witnessed an overall decline in the burn rate as contributions to the LUNC burn campaign fell. The exchange burning 50% of the LUNC spot and margin trading fees instead of 100% also causing the LUNC burn rates to fall. Last month, Binance burned 1.6 billion LUNC tokens. Also, Binance burned 8.85 billion Terra Luna Classic (LUNC), which marked the offici...