Summary
There have been two schools of thought when it comes to the “BURN TAX”. This proposal attempts to return back to our original burn tax (1.2%) & re-establish trust within the Terra Luna Classic community.
Motivation
When seeing the rate of progress & general lack of enthusiasm when it comes to development of L2 DAPPs on the Terra Luna Classic chain I came to realize that current funding methods & reductions in our chain’s burn tax have only SEVERELY HURT the community’s trust. To fix this is simple. Head back to where we originally were per proposal 4661 in that edk826 (Edward Kim) stated that we should re-assess this tax 3 months later.
The Terra Rebels roadmap also states we should check back with the burn tax in December. It’s now December & we have seen the GRAVE ramifications of lowering our burn tax too fast. The community has lost trust & the FIRE which made Terra Luna Classic the rising phoenix it once was got put out.
What’s the issue? The issue is our chain is still FAR from any revolutionary utility which will make it more competitive than other major chains that exist currently. We must embrace the advantage we DO have. The community. We EASILY by FAR have the largest community in the Cosmos & given how fast we’d grown & the easing of tensions within the LUNA collapse we can continue to leverage community growth & do what assets like SHIB failed to do. Have a running L1 chain that can ACTUALLY burn a considerable amount of the supply.
It’s time that we begin to listen to our community once again. Let’s return to the 1.2% burn tax & give it the 3 months we said we would give it. Indecision has gotten us nowhere. Reducing this tax has only made us look foolish & weak. It’s time to become what Terra Luna Classic should’ve been in the first place.
The rising phoenix.
This proposal doesn’t stand to be permanent but does unite us all once again under one banner.
Once utility arises on our chain we can look back & re-assess whether the tax has performed its job.
Proposal
Our proposal change is simple. Change the 0.2% burn tax to 1.2%. We still have the community pool funding that our developers need & we get the burns the community has wanted.
Proposal 10960 did not pass as it was a temporary solution during IBC reopening. While we have had over $5 MILLION in volume after IBC reopening our chain should be transparent & concise in that we need to STICK to a % burn tax for a longer period of time. Keep in mind that the most popular LUNC pool in Osmosis currently has ~an 8% tax right now so 1.2% can definitely work given our current use cases & will essentially give just as much if not MORE to the developers in terms of community pool re-mints.
It’s a win-win.
Code changes needed :
{
“subspace”: “treasury”,
“key”: “TaxPolicy”,
“value”: “{"rate_min": "0.012", "rate_max": "0.012", "cap": {"denom": "usdr", "amount": "60000000000000000"}, "change_rate_max": "0.0"}”
}
Proposed by
Classy Crypto, Classy’s Crypto Sphere LUNC Validator
LUNC Holders & Community Members
Contact:
@ClassyCrypto_ (Twitter)
