As a researcher with experience in the Terra Luna Classic ecosystem, I’m excited to see Genuine Labs making progress on the Tax2Gas implementation. This upgrade has been highly anticipated within the community and is expected to bring significant benefits, such as resolving issues related to manually calculating taxes for contract developers and simplifying the migration process for audited dApps.
The development team at Genuine Labs, responsible for Terra Luna Classic, reported advancements on the Tax2Gas integration on Tuesday. This highly anticipated update is predicted to be completed by the end of July. Following the approval of proposal 12115, titled “Genuine Labs Tax2Gas Implementation,” in the previous month.
At Genuine Labs, we have projected that our project will necessitate a 5-week timeline for the research, development, and fundamental testing phases, with an estimated budget of $25,000 in LUNC.
Terra Luna Classic Set For Tax2Gas Implementation
Expert: In a recent biweekly update on June 9, Genuine Labs, the developers of Terra Luna Classic L1, announced advancements in the Tax2Gas project. The team focused on integrating the Tax2Gas module, enhancing the wasm handler plugin, and improving the handler’s functionality. For more information about the progress made towards implementing Tax2Gas, kindly visit Terra Classic GitHub.
As a crypto investor in Terra Classic, I’m excited to share that Genuine Labs has announced an update to their module. Now, it can store gas price values in up to 22 denominations of Terra Classic. This means the logic for AnteHandler and PostHandler will be clearly defined. A significant change here is that taxes will now be converted into gas, and the fee will only be deducted once a successful transaction has been processed.
Over the next fortnight, our team will focus on various tasks including writing and executing unit tests for the newly developed module, implementing new features, conducting end-to-end tests, and performing manual testing as well as testing on the testnet.
According to a recent report by CoinGape, the Tax2Gas proposal brings about significant changes by addressing challenges such as the requirement for contract developers to manually calculate burn taxes. This issue arises because clients or dApps are responsible for calculating the tax themselves, as gas estimates provided at simulation endpoints are inadequate. The process of migrating audited dApps becomes complicated due to Classic-specific adjustments, potentially necessitating re-audits.
LUNC Price To $1?
The implementation of Tax2Gas on the Terra Classic chain is anticipated to significantly increase the value of Terra Classic (LUNC) according to the community. This belief stems from the expected listings of LUNC on prominent crypto exchanges and the return of decentralized applications (dApps) to the network. Consequently, mechanisms such as LUNC burn are also likely to gain more momentum.
In the past 24 hours, LUNC’s price has mainly remained stable, hovering around $0.00007074. The price reached a low of $0.0000683 and a high of $0.00007123 during this period. Additionally, the trading volume has noticeably dropped by approximately 43% over the last 24 hours.
Currently, USTC is priced at $0.01567, marking a weekly decrease of 12%. The transaction volume in the last 24 hours experienced a notable drop of 41%, with heightened uncertainty arising from the recent Bitcoin selloff instigated by the German Government.
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2024-07-09 17:46