The Terra Luna Classic (LUNC) community has taken a significant step towards streamlining transactions with the successful passage of proposal 12115, implementing “Tax2Gas.” This innovative solution removes the need for separate handling and calculation of the burn tax, simplifying the process for developers and users alike.
Tax2Gas: Streamlining Transactions for a Brighter Future
Tax2Gas integrates the burn tax directly into the gas fees, eliminating the complexity faced by decentralized application (dApp) developers. Previously, developers had to manually calculate the burn tax, adding an unnecessary layer of difficulty. StrathCole and Genuine Labs, the proposal’s proponents, believe this change will significantly enhance user experience and encourage further dApp development on the Terra Classic network.
Community Divided on Potential Burn Tax Increase
With Tax2Gas nearing implementation, discussions on raising the burn tax to 1.2% have begun within the Terra Luna Classic community. Proponents believe this could drive the price of LUNC higher by incentivizing exchanges to burn tokens on every buy and sell transaction. However, the community remains divided on the issue, with some members expressing concerns about the limited discussions surrounding the proposal.
Proposal Passes Despite Abstaining Validators
The Tax2Gas proposal garnered a 74.91% approval rating in governance voting on Station wallet, with most participating validators voting in favor. However, prominent validator Allnodes abstained, citing a lack of in-depth public communication and the potential to vote against future proposals if transparency doesn’t improve.
Also Read: Terra Classic (LUNC) Price Stalls: Can Buyers Spark a 37% Reversal Before Month-End?
Short-Term Price Rise, Long-Term Optimism
The LUNC token price experienced a temporary 6% jump amidst an altcoin rally but has since retreated slightly. Despite the current trading lull, some community members believe LUNC can reach $1 if the broader market continues its upward trend. A decisive break above the $0.00012 resistance level is seen as a potential catalyst for a significant price surge.
USTC Price Shows Tentative Recovery
The TerraUSD Classic (USTC) token also saw a modest price increase of over 2%, but trading volume has dropped in the past 24 hours. While the short-term outlook remains uncertain, the Tax2Gas implementation and potential burn tax increase offer a glimmer of hope for the long-term viability of the Terra Classic ecosystem.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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