- The Terra Luna Classic community has rallied behind the Tax2Gas proposal, aiming to streamline taxation mechanisms within the network and revitalize LUNC and USTC.
- With overwhelming support from validators and developers, the proposal seeks to integrate taxes directly into gas fees, driving efficiency and sustainability for Terra Classic.
In a pivotal move towards revitalizing the Terra Luna Classic (LUNC) ecosystem, the community has rallied behind the Tax2Gas proposal, marking a significant step towards the resurgence of LUNC and the repegging of USTC to $1. Spearheaded by prominent developer StrathCole and the esteemed developer group Genuine Labs, the Tax2Gas proposal aims to streamline taxation mechanisms within the Terra Classic network.
Community Consensus: A Key Milestone
Proposal 12067, aptly titled “Tax2Gas Implementation,” is currently undergoing voting on the Station wallet. The proposal calls for the collaboration of two new developers alongside StrathCole and Genuine Labs to execute the Tax2Gas strategy effectively. Notably, the proposal has garnered overwhelming support from the community, with over 89% of votes cast in favor during the initial polling phase.
Among the 15 validators participating in the vote, 12, including influential entities such as JesusIsLord, Stakesystems, LUNC Development Fund, and SolidVote, have endorsed the proposal. However, it’s worth noting that two validators dissented, while Moon Rabbit Validator expressed a dissenting opinion with a veto. Despite some dissent, the resounding approval underscores the community’s belief in the proposal’s potential to invigorate the ecosystem.
Implementing Tax2Gas: The Road Ahead
Central to the Tax2Gas approach is the integration of taxes directly into gas fees, eliminating the need for separate handling and calculation. By increasing the on-chain tax rate to 1.5%, with 0.3% allocated towards funding the chain, the proposal aims to restore the original 1.2% burn tax, while optimizing resource allocation within the network.
Solidproof.io, a reputable platform specializing in blockchain development, has enlisted seasoned developers with expertise in Cosmos chain and module building to execute the Tax2Gas development plan. With a proposed timeline of six weeks for research, development, and basic testing, the developers are poised to usher in a new era of efficiency and sustainability for Terra Classic.
Price Movements and Future Prospects
Following the announcement of the Tax2Gas proposal, LUNC has witnessed a notable uptick in price, with a 1% increase over the past 24 hours and a remarkable 15% surge over the week. Currently trading at $0.000129, LUNC’s trajectory suggests a potential push towards $0.0002 in the near future, according to CoinGape analysis.
As the Terra Luna Classic community embraces innovation and collaboration, the adoption of Tax2Gas stands as a testament to its commitment to revitalizing the ecosystem and positioning LUNC and USTC for long-term success. With development milestones on the horizon, the future looks promising for Terra Classic enthusiasts and investors alike.
