The Terra Classic [LUNC] community has been clouded in a debate since a member suggested every 1.2% tax combustion reduced. Akujiro, a member of the LUNC community, had initially requested that LUNC reduce that tax cut to 0.2%.

In addition to the cut, he suggested that LUNC add 10% of its tax profits to the common pool. Keep in mind that some crypto exchanges, including: Binancehad confirmed their support for the burn.

Here’s AMBCrypto’s Price Forecast for Terra Classic for 2022-2023

However, the point of contention changed when Edward Kim, a leading member of the community, publicly shared his thoughts on the nearby debacle.

Back and forth, but here I stand

Kim shared via his Twitter page, noting that he carefully analyzed the pros and cons to stick with the current tax burden. He also noted that he had considered the proposed option.

According to him, lowering the tax could lead to an increase in LUNC’s on-chain volume. In addition, it could help attract new delegations using validators. In his Medium places, Kim said,

“Increase in volume will be confused with unlocking new utility in the chain and therefore may not be accurately measurable with the timing of this proposal.”

The blockchain expert noted that those in favor of the cut may be doing so because of their bias. On the other hand, Kim stated that maintaining the 1.2% tax was also because some members of the community thought it was too early to change the course of the project.

He also said some members felt the community did not have enough data for such a move. To top it off, Kim concluded that he supported the cut. He also urged other members of the LUNC community to take their stand.

Where is LUNC?

In light of the development, LUNC didn’t seem to get the attention it wanted. According to HolinessLUNC’s social volume had fallen dramatically, reaching 50 on Oct. 15.

As for the price, it didn’t seem like a reprieve was in sight. The crypto on-chain tool showed that LUNC had lost 2.76% of its value and traded at $0.000271 on October 15. However, the press time press witnessed another 1.8% drop and stood at $0.000268.

Source: Santiment

For the LUNC trading volume, there was no stopping the decline. On October 15, the volume was $287.59 million, a 35% fragmentation from October 14.

Source: Santiment

In conclusion, the LUNC community seemed divided on the proposal. Comments from Kim’s Twitter post indicated that while some thought the cut was ridiculous, others felt 0.2% was too small and should be increased.

This post What LUNC Investors Need to Know About the Ongoing 1.2%-0.2% Debate

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