Will Terra Luna Classic Combustion Tax Re-issue 1.2%? /Lunc Coin Last Minute / Crypto Analysis
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Terra Classic
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Terra Classic Community Discusses Proposal to Temporarily Increase On-Chain Taxes.
The proposal to raise the Terra Classic on-chain tax to 1.2% once again has sparked controversy within the Terra Classic community.
The Terra Classic community is currently considering a proposal to temporarily increase the on-chain tax to 1.2% before the reopening of Inter Blockchain Communication to take advantage of the projected increase in on-chain transactions.
It's worth noting that the network is set to reopen IBC channels on December 5th as the community waits for the proposal to pass.
In particular, the new tax proposal with ID 10960 has already passed the management vote. However, it faces stiff resistance from developers and popular validators who believe it will only harm the chain, according to a tweet from Classy, ��a community influencer and validator who opposes the proposal.
It's worth noting that in September the Terra Classic community implemented a tax parameter change that created a 1.2% chain-burning tax to reduce the supply of Terra Luna Classic (LUNC). But the community quickly realized that while on-chain volumes were falling rapidly, the tax was unsustainable and detrimental to on-chain development. As a result, he voted to lower this tax parameter to 0.2% in October.
Now, the author of the latest proposal to set the parameter back to 1.2% argues that the temporary change will allow the network to maximize burns due to increased volumes from locked liquidity in Osmosis when IBC channels reopen. Meanwhile, other advocates seem to have lost their patience with the developers, claiming they have yet to see the promised benefit while burn rates have dropped significantly. Therefore, these advocates believe that the only way to go is to raise taxes.
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