Terra Luna Classic Votes On LUNC Payout Proposal

The Terra Luna Classic community has overwhelmingly supported the Genuine Labs Community Spend Proposal. On June 3, 2024, the proposal achieved a 99.98% approval rate, with virtually no opposition. This vote is expected to significantly influence the future trajectory of the Terra Luna Classic network.

High Voter Turnout Boosts Terra Luna Projects

The community’s approval of the proposal to allocate 256,410,256 LUNC for development projects marks a pivotal moment for Terra Luna Classic. This fund is designated to foster innovation and sustainability within the ecosystem. The voter turnout was notably high, with 84.2 billion votes cast, representing a substantial portion of the total voting power. This robust participation underscores the community’s strong interest and confidence in Genuine Labs’ strategic direction for the platform.

Moreover, this near-unanimous decision reflects a collective optimism toward enhancing the network’s capabilities. The community’s backing is a nod to potential growth and a commitment to the platform’s long-term viability. Such support is crucial as it empowers developers to undertake projects that can introduce new functionalities and improve the overall ecosystem.

Community Demands Strong Plans, Rejects Tax Proposal

Contrastingly, the TerraLunaClassic community recently rejected Proposal 12105, which aimed to increase the LUNC burn tax. The proposal was criticized for needing a concrete plan and rationality in its implementation. Critics deemed it a “lazy effort” because it was merely a text proposal without the means to effect immediate change. As a result, it only garnered 21.35% approval, with 32% outright opposition and 38% voting “No with a veto,” indicating a strong desire to prevent its passage.

This rejection highlights the community’s demand for well-thought-out strategies rather than quick fixes. The community’s discerning approach to governance is evident as they seek proposals that offer clear, actionable solutions rather than temporary measures.

Following the recent community vote, LUNA, Terra Luna’s native token, saw a price increase of 1.68%, with its current trading price at $0.6547. However, the 24-hour trading volume decreased by 24.35%, suggesting a potential continuation of the current bearish market trend. This shift in market dynamics indicates that the community’s decision has positively impacted the token’s price.

Also Read: Pro XRP Lawyer John Deaton Blames Warren & Biden on Partisan Crypto Stance

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

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