So September 12 is a conservative date, seeing staking was enabled at a much earlier date than anticipated
Based on proposal 4159 the changes in code that implement tax burning were supposed to take place 10 days after proposal 4159 has passed (26 days ago). So far there is no tax burn yet. That being said, how much confidence can we have that any proposal will ever be implemented? What exactly “passed” proposal guarantees?
My other question is where did people take September 12th date from?
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the sooner the better! attention should not miss this opportunity on lunch
Hi @tolben ,
Hello, could you explain to us BURN TAX activation process?
At blockheight 9346889 (approximately Sept 12), new code that extends the stability tax code in the system will become available. This will apply to all Terra Stable and LUNA v1 coins on-chain. It will send whatever percentages are defined in the on-chain Treasury parameter TaxPolicy and RewardPolicy to burn via inter module (see “Emergency Management and Recovery of Luna Classic” - Section 3.1). These on-chain keys within these two parameters are only able to be changed by a parameter proposal.
Currently the TaxPolicy and RewardPolicy parameter keys are set to 0% tax (see here).
In order to be constructive, the parameter proposal would not be able to go into effect until after the above blockheight. In addition, it would need to meet the caveats in “Emergency Management and Recovery of Luna Classic” - Section 10.1:
At this time it is our recommendation that v21 be adopted by validators, but the tax code should not be
activated by parameter proposal until compliance by important internal and external entities is confirmed e.g. Terrastation, Binance, Kucoin, Anchor, Terraswap, etc. It would be imperative that v21 be available and distributed to CEXs, DEXs, and other dApp developers active on Luna Classic. Without the appropriate computation of the fees required, transactions will fail with insufficient gas.
This section of the above paper also specifies to these entities the formula for the correct computation of gas.
The person who proposed 3568, as well as @ek826 are aware of these issues and the status regarding the necessary implementation of the caveats within the various entities and systems mentioned above.
I hope that helps out, and that you have a great day today 
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Hi @andrew-ryabchenko ,
Actually, the proposal (formatted text here) gave TerraForm Labs 10 business days. I outlined the 10 business days meaning here.
The blockheights when each differing aspect of the code associated with this proposal goes into effect can be found here
To understand the portion of the burn tax code, that extends the stability tax code, that goes into affect (becomes available in the running code) at blockheight 9346889 (approximately Sept 12) see this above response (although v21 should now be v22)
Here are some other responses in the chain of this discussion that may be of interest:
- Early acknowledgement of Parameter Proposal for Burn Tax
- Acknowledgement of Parameter Proposal and other information
- Earlier Acknowledgement of Burn Tax Parameter Proposal Caveats
- Historical Information and Information regarding why blockheights were accelerated for two sections of the code
I hope that helps out, and that you have a great day today
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Hi @Adem0128 ,
While I can surly understand the excitement of finally having governance completely restored (through staking), I also would not want to see anything move at a pace that is detrimental to people money or the long term health of Terra v1.
I hope you have an awesome day today
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Having much better days when 1.2% starts to burn 
Now the most important thing is to restore the trust of the people, which means the team must quickly raise the price to 0.15-0.20$. after we see how LUNC will write history!
Good Job 
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Parameter Proposal Announcement:
I just wanted to let everyone who has asked about the parameter change for the burn tax portion of the code associated with proposal 3568 and the proposal associated with this discussion know that a discussion for proposal for the parameter changes has been opened by @ek826 . The discussion for proposal can be found here:
This is good decision 
let’s do it , from India
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Huge huge huge, need to burn with every transaction… Wanna to see the same price 100$…
@Binance need to stary usdt pair.
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Lunc team need faster burn rate to accomplish trust of holder. becouse holder has loss trust in luna because of big crash of luna project
is the offer active now … will it be active ?
Oh, my friends, that bastard again https://twitter.com/stablekwon he decided to breed us for money!!! Remember my words, all the liquidity of LUNC will be taken and poured into LUNA 2.0!! Until this prostitute is punished, then we have no chance, today I realized it forever!!!
1 Like