Terra Luna Classic community votes on proposal for revised LUNC burn tax distribution, following prior approval in April.
The Terra Luna Classic community has initiated a vote on a critical proposition to implement a revised LUNC burn tax distribution.
This pay-per-job (PPJ) proposal is seeking the approval of community members and validators to proceed with the modifications outlined in proposal 12098, which was previously passed by the Terra Classic community in April.
Frag, a well-known developer, has submitted text proposal 12114 to the PPJ in order to implement the burn tax distribution modification that was approved by the Terra Luna Classic community.
The developer intends to commence work on revising the burn tax in order to implement the Oracle Pool Split in accordance with the conditions outlined in Proposition 12098.
The community strictly adheres to the 0.5% burn levy in Terra Classic. Out of this, 80% is designated for incineration, while 20% is allocated as 10% to the Community Pool and 10% to rewards. Per 12098, the 20% will be allocated as follows: 10% to the Oracle pool and 10% to the Community fund.
The following requirements have been established by the developer as part of the implementation plan:
- Implementation of the new distribution logic in the Ant handler Modify the split parameters to align with the new split logic
- Modify the proposal types and handlers to align with the new parametrization.
- Developing unit tests for the ante handler to determine whether the new logic aligns with the specifications of proposal 12098
- The upgrade proposal handler must be non-empty in order to implement the modifications in a coordinated chain halt proposal and establish the split/distribution parameters in accordance with proposal 12098.
Frag suggests that the project be completed in 56 hours and that a fee of $3600 in LUNC be charged. This implementation requires development, local testing, the authoring of unit tests, the rollout and coordination of the testnet, and the rollout and coordination of the mainnet. He has established a high probability of concluding the implementation by mid-July.
Following the proposal, 20% will be allocated as follows: 10% to the Oracle pool and 10% to the Community pool. This will result in the abrupt cessation of block rewards for users. Rather, the waste tax portion would be allocated to long-term staking rewards (Oracle) and would enhance LUNC staking. It will assist validators; however, the APR will decrease by approximately 0.5%, contingent upon on-chain volumes.
