The Terra Luna Classic community is abuzz with anticipation as Genuine Labs, the core L1 developer, announced significant progress on the Tax2Gas implementation. This update follows the approval of proposal 12115, “Genuine Labs Tax2Gas Implementation,” which was passed last month. The upgrade is expected to be completed by the end of July.
Genuine Labs had previously stated that they would need five weeks for research, development, and basic testing and deployment. The estimated total budget for this project is $25,000 in LUNC.
Progress on Tax2Gas Implementation
On June 9, Genuine Labs provided a biweekly update detailing their progress. The team has been working on the Tax2Gas module, making changes related to the WebAssembly (wasm) handler plugin, and upgrading the handler itself. The progress can be tracked on the Terra Classic GitHub.
The new module will hold gas price values for 22 denominations of Terra Classic and define the logic for both the AnteHandler and PostHandler. Notably, the taxes will now be converted to gas, and fees will only be consumed upon successful transactions. This change is expected to simplify processes for contract developers, who previously had to calculate the burn tax manually.
Next Steps
In the coming weeks, the team will focus on tasks such as unit tests for the new module, end-to-end (E2E) tests, manual tests, and testnet implementation. The Tax2Gas proposal is considered a game-changer, as it addresses several key issues, including the need for clients or decentralized applications (dApps) to calculate the tax themselves. The simulation endpoint previously only provided gas estimates, making migrating audited dApps cumbersome and potentially leading to re-audits due to Classic-specific adjustments.
Impact on LUNC Price
The Terra Classic chain and the price of LUNC are expected to receive a significant boost following the Tax2Gas implementation. The community believes that LUNC could reach $1 after the upgrade, driven by listings on cryptocurrency exchanges and the return of dApps to the chain. Additionally, other mechanisms like LUNC burn are expected to receive further support.
Currently, LUNC is trading sideways, with the price hovering around $0.00007074. The 24-hour low and high are $0.0000683 and $0.00007123, respectively. Trading volume has decreased by 43% in the last 24 hours.
Meanwhile, the price of USTC has seen a decline, currently trading at $0.01567, down 12% over the past week. The 24-hour trading volume for USTC has dropped by 41%, amid uncertainty caused by a Bitcoin selloff by the German Government.
The upcoming Tax2Gas implementation by Genuine Labs marks a pivotal moment for the Terra Luna Classic community. With the potential to simplify processes for developers and boost the value of LUNC, this upgrade could play a crucial role in the future growth of the Terra Classic chain. As the community eagerly awaits the completion of this upgrade, all eyes will be on the impact it will have on LUNC’s price and overall market dynamics.
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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