Terra Classic Proposal to Repeal Allocation of 50% Of Burned LUNC To Community Pool Passes

Proposal 11111 seeks to immediately revoke the provisions of Proposal 10983 regarding reminting 50% of burned LUNC tokens.

The Terra Luna Classic (LUNC) community has successfully pushed proposal 11111, which seeks to revoke the parameter change brought by Prop 10983 across the threshold to pass the governance vote. The parameter change brought by proposal 11111 will reverse the 50% allocation of all burned LUNC tokens within a particular epoch to the community pool to 10% at the end of the epoch.

Submitted a week ago by the co-owner of the LuncLive validator, Matts Market, Prop 11111 aims to address concerns raised by community members in response to proposal 10983. The proposal crossed the pass threshold on Sunday and currently has an 83.35% “Yes” vote as of press time, with 11.31% voting “No with Veto.”

Several prominent entities within the LUNC camp have expressed their exhilaration with the metric. Independent validator BetterLunc drew public attention to the achievement on Sunday, echoing the excitement of numerous community members as the proposal eclipsed the pass threshold. 

In addition, notable yet anonymous influencer CEO_44 applauded the proposal’s passing, claiming that LUNC will find other ways to attract development.

Furthermore, another community member LuncTech highlighted the proposal’s significance, noting that top validators such as Allnodes, Interstellar Lounge, and LUNCDAO have voted yes. LuncTech also called for the reinstatement of the 1.2% tax burn and a movement aimed at reducing voting powers held by top validators by delegating to smaller validators.

Allnodes and interstellar lounge voted YES to #PROP11111,we are all in favour of stop minting #LUNC .Now let’s bring back 1.2% burn tax and let’s stop giving too much voting power to few validators #LUNCcommunity by staking with smaller validators . Let’s make #LUNC decentralised pic.twitter.com/Fy7xJztrUG

— LuncTech (@LuncTech) December 25, 2022

Proposal 11111 vs. Proposal 10983

Recall that community influencers brought proposal 10983 to the community’s notice at the end of November. The proposal called for a parameter change to increase the ratio of burned LUNC to be reminted within a given epoch from 10% to 50%. This was aimed at gathering more money to fund on-chain developments. The proposal crossed the pass threshold despite facing stern opposition.

Concerns raised included the possibility of Binance halting LUNC burns, as its burn initiative would appear counterproductive, seeing as it is burning its LUNC trading fees, only to see them reminted and sent to the community pool. The decreased LUNC burn rate was also a concern. Matts Market wrote proposal 11111 to address these by repealing the provisions of Prop 10983.