As a seasoned crypto investor with a background in blockchain development, I’m excited about the recent news regarding Terra Luna Classic (LUNC) and its implementation of Tax2Gas. This game-changing proposal will simplify gas fees for developers and dApps, making it easier to calculate taxes and reducing complexities. Although some community members were reluctant to accept this change, the overwhelming majority, including validators like Interstellar Lounge, JESUSisLORD, Stakely, HappyCattyCrypto, StakeBin, and others, have voted in favor of it.
Terra Luna Classic Update: The community has successfully approved the proposal to integrate Tax2Gas in Terra Luna Classic. This new feature combines tax collection and gas fees into a single transaction, thereby simplifying the development process for dApp creators and others, as announced by StrathCole and Genuine Labs.
As Tax2Gas nears implementation in Terra Classic, community members have initiated conversations about increasing the burn tax to 1.2%. Following through with this change would result in crypto exchanges burning tokens upon every buy and sell transaction. Consequently, the price of LUNC is expected to rise.
Terra Classic To Implement Burn Tax Into Gas Fees
Proposal 12115, titled “Genuine Labs Tax2Gas Implementation,” has been approved in the Station wallet governance voting. In this proposal, Genuine Labs suggests integrating taxes into the gas mechanism. Additionally, they plan to enhance security on the chain by implementing end-to-end testing to mitigate potential attack vectors.
As a crypto investor, I’d interpret this information as follows: The Tax2Gas implementation proposal gained the approval of 74.91% of the community voters, while 25.03% abstained from casting their votes. This suggests that some members were hesitant about implementing Tax2Gas. However, a majority of validators who took part in the vote, including Interstellar Lounge, JESUSisLORD, Stakely, HappyCattyCrypto, and StakeBin, endorsed the proposal.
Despite the fact that Allnodes, a leading validator on the Terra Luna Classic network, cast a vote of “Abstain,” they urged caution within the community due to the limited engagement in related discussions.
“We’re holding back due to the strong community feelings, but it’s crucial to mention that we’re not pleased with the current public communications. If we don’t observe any enhancement, we may cast a ‘no’ vote on future proposals.”
According to a previous report by CoinGape, the Tax2Gas proposal is groundbreaking since it addresses challenges such as manual calculation of burn taxes required by contract developers. Currently, clients or dApps must perform this calculation themselves as gas estimates from the simulation endpoint are not sufficient. The migration process for audited dApps becomes complicated due to these Ethereum Classic-specific modifications, potentially necessitating re-audits.
As a crypto investor, I understand that the team at Genuine Labs is dedicating around five weeks to conduct thorough research, develop innovative solutions, and carry out fundamental testing and deployment processes for their project. The estimated cost for this undertaking is approximately $25,000 worth of LUNC.
LUNC and USTC Prices Jump
In the past 24 hours, LUNC’s price surged by 6%, fueled by the rally of altcoins. However, it relinquished the majority of those gains and now stands at $0.00009023. The lowest and highest prices in the same timeframe were recorded as $0.00008855 and $0.00009445, respectively. Additionally, there was a substantial 32% drop in trading volume over the last 24 hours, suggesting waning trader enthusiasm.
The Terra Classic community holds the view that the price could reach as high as one dollar during this current bull market. In order for a significant rally to commence, it is necessary for the price to surpass the $0.00012 mark.
Concurrently, USTC’s price rose by over 2%, reaching $0.01857. However, there was a 12% decrease in trading volume during the previous 24 hours, indicating that traders struggled to maintain the upward trend.
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2024-06-19 19:40