Terra Classic (LUNC), which emerged after the Terra crisis, passed some changes to the burn mechanism from the community.
The LUNC community accepted proposal 5234 in hopes of stimulating network activity and attracting new investors. After a week of voting and discussion, the proposal was recently passed through the community. The community member known as Akujiro announced via social media that this offer was accepted.
Binance LUNC Updates Burn Mechanism
Akujiro had suggested that the network was not developed due to the high burn rates. He stated that with the reduction of burning taxes, they can get more network activity. His proposal attracted great interest and accepted by the community.
LUNC developer Alex Forshaw stated that the vote went positive, with 83 percent of the community participating. About 75 percent of respondents voted yes to this proposal.
This proposal, numbered 5234, will reduce the 1.2 percent rate in the combustion mechanism to 0.2 percent. In addition, 10% of the taxes from the transactions will be spent on developing the network of the popular cryptocurrency.
Cryptocurrency exchange Binance announced that it will update the mechanism with its announcement. The exchange, which gives the biggest support to the LUNC network, will now use 0.2 percent of the taxes it receives. Binance is launching the new update today.
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