USTC volume spikes 206% as exchanges reduce Terra Classic burn tax rate
The Terra Classic community recently green-flagged proposal 5234, which reduced the 1.2% tax burn to 0.2% and reserved another 10% tax revenue for the ecosystem infrastructure and contributors. Outlining what the proposal intended to achieve, the developer description noted, “ This proposal aims to signal to CEXs and other on-chain users that we would like to keep the tax while using its revenue efficiently by funding the costs associated with development, the LCD endpoint, and costs related to contributions for past-and-present contributors, either individuals or organizations .” The proposal had an 82% vote rate, with KuCoin reportedly voting for the first time. The new tax rate came into effect a day back at epoch 98. Proposal 5234 just passed! 🥳❤️🔥🦾 This was a community proposal brought forward by community members which passed governance! ✅ @kucoincom voted for the first time ✅ Had an 82% vote rate...