Terra Luna Classic chain will undergo a major upgrade to implement the most-awaited Tax2Gas on the chain. The proposal by the core developer Genuine Labs is approved by the Terra Classic community. This will remove the need for separating handling and calculation of tax, holding significant implications for the future of chain and LUNC price.

Terra Luna Classic Community Nods Tax2Gas Implementation

Text proposal 12120 “Genuine Labs’s Tax2gas Implementation” has surpassed the pass threshold. It indicates that validators and delegators have agreed to implement Tax2Gas with Genuine Labs’ approach. This will follow another parameter change proposal by the core developer to implement the upgrade.

The proposal has received over 65% votes in favor, with 10% “No” and 24% “Abstain” votes. Most validators voted in favor of the proposal, but top validator Allnodes is yet to decide as it is one of the crucial changes to burn and on-chain tax mechanism.

Genuine Labs’ approach faced strong opposition from some members of the Terra Luna Classic community. The move primarily came after popular developer StrathCole raised several concerns in the initial review of code developments by Genuine Labs. This led the developer to seek the community’s agreement to decide if the community should implement tax change in this way or not.

Can LUNC Price Witness Revival After Upgrade?

The Tax2Gas is game-changing as it will resolve issues including contract developers’ need to calculate the burn tax manually. The issues are — clients or dApps have to calculate the tax themselves as the simulation endpoint only provides gas estimates.

LUNC price jumped 6% in the last 24 hours amid the crypto market recovery. The price currently trades at $0.000071, with a 24-hour low and high of $0.00006679 and $0.00007173, respectively. Moreover, trading volume decreased by 11% in the last 24 hours, indicating a lack of interest among traders.

Terra Luna Classic community believes the boost in utility and burn after the upgrade may cause LUNC to revive to $1 in the long-term. A recent analysis by CoinGape predicted a rebound to $0.0001.

Meanwhile, USTC price also soared more than 4%, with the price now trading at $0.01561. The 24-hour trading volume saw a mere 4% rise in the last 24 hours. Uncertainty continues to exist in the markets currently.

The post Terra Luna Classic Set For Tax2Gas Upgrade, LUNC Price Revival To $1? appeared first on CoinGape.

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Filed under: News - @ August 9, 2024 9:28 am