The Terra Luna Classic community has officially approved the long-anticipated Tax2Gas proposal, spearheaded by core developer Genuine Labs. This upgrade will streamline the handling and calculation of taxes on the Terra Classic chain, potentially having a significant impact on the chain’s future and LUNC price.
Overwhelming Support for Tax2Gas Implementation
The community’s support was clear, with text proposal 12120, titled “Genuine Labs’s Tax2Gas Implementation,” surpassing the pass threshold. Over 65% of validators and delegators voted in favor, while 10% voted “No” and 24% abstained. Although most validators supported the proposal, top validator Allnodes has yet to cast its vote, making it a critical moment for the on-chain tax mechanism and LUNC burn.
Debate and Opposition
Despite the strong backing, Genuine Labs’ approach faced some resistance. Concerns were raised by popular developer StrathCole during the initial review of the code, leading to further scrutiny and debate within the community. This led Genuine Labs to seek broader community agreement before moving forward with the tax change.
Impact on LUNC Price: A Possible Revival?
The implementation of Tax2Gas could be a game-changer, especially for contract developers who previously had to manually calculate burn taxes. This upgrade addresses key issues like clients and dApps needing to calculate taxes independently, as the simulation endpoint only provides gas estimates.
Following the proposal’s approval, LUNC saw a 6% price increase in the past 24 hours, trading at around $0.000071. Despite this surge, trading volume dropped by 11%, suggesting a cautious approach from traders. However, the Terra Luna Classic community remains optimistic, believing that the upgrade could significantly boost utility and burn rates, potentially pushing LUNC towards a long-term revival and a $1 target. A recent analysis by CoinGape even predicted a rebound to $0.0001.
USTC Also Sees Gains
In parallel, USTC prices rose by over 4%, with current trading prices around $0.01561. Despite this increase, the 24-hour trading volume only saw a modest 4% rise, reflecting ongoing market uncertainty.
Conclusion
The approval of the Tax2Gas proposal marks a pivotal moment for Terra Luna Classic, potentially setting the stage for significant price movements and a revival of the LUNC token. As the upgrade is implemented, all eyes will be on how it impacts the broader market and whether it can help LUNC achieve its long-term price targets.
