In a pivotal moment for the Terra Luna Classic (LUNC) community, a groundbreaking proposal, dubbed “Tax2Gas Implementation,” has emerged, sparking discussions and anticipation of a potential revival for LUNC and USTC prices, potentially soaring to $1. This innovative proposal, championed by prominent developer StrathCole and the adept team at Genuine Labs, alongside two newly introduced developers, aims to breathe new life into the Terra Classic network by simplifying transaction taxes and bolstering its economy.
Revitalizing Terra Classic with Tax2Gas
At its core, the Tax2Gas proposal, officially known as Proposal 12067, seeks to integrate transaction taxes directly into gas fees, thereby eliminating the need for separate tax calculations and payments. This approach promises to streamline transactions and enhance the user experience on the Terra Classic blockchain. With an adjusted on-chain tax rate of 1.5%—restoring the original 1.2% burn tax and allocating 0.3% towards chain funding—the proposal has ignited hopes of reviving LUNC and re-pegging the USTC stablecoin to its former glory of $1.
Community Backing and Developmental Insights
The proposal has already garnered overwhelming support within the Terra Luna Classic community, as evidenced by the initial voting results. With over 89% approval from participating validators, including notable names like JesusIsLord and the LUNC Development Fund, the Tax2Gas proposal is on a clear path to implementation.
The proposed team, vetted by Solidproof.io and boasting substantial experience in Cosmos chain and blockchain module development, estimates a six-week timeline for research, development, testing, and deployment, with a budget of $24,000.
Also Read: Terra Luna Classic Votes for CertiK, LUNC Soars 15%, USTC Eyes Recovery
Implications for LUNC and USTC Valuations
The Tax2Gas proposal has sparked a flurry of optimism among investors and enthusiasts, leading to a noticeable uptick in LUNC’s price. With a 1% increase over the past 24 hours and a significant 15% rise over the week, LUNC’s trading dynamics show promising signs of vigor. Although USTC has experienced a slight dip, the overall sentiment remains bullish, with analysts from CoinGape highlighting potential drivers for LUNC’s ascent to the $0.0002 mark.
A Turning Point for Terra Luna Classic?
As the Terra Luna Classic community awaits the final outcome of the Tax2Gas proposal, the anticipation builds around the potential for LUNC and USTC to reclaim their former valuations. This proposal represents a significant technical enhancement for the Terra Classic blockchain and also symbolizes the community’s resilience and commitment to restoring trust and value in the wake of past challenges.
With solid backing from developers and validators alike, the Tax2Gas initiative may very well mark the beginning of a new era for Terra Luna Classic, signaling a hopeful resurgence towards the coveted $1 milestone for LUNC and USTC.
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