The Terra Luna Classic community is currently voting on a proposal for implementing Tax2Gas, introduced by two new developers. This initiative has sparked speculation about the potential for LUNC and USTC prices to reach $1.
The Tax2Gas proposal aims to streamline the handling and calculation of taxes on Terra Classic by incorporating the tax directly into gas fees. This approach eliminates the need for separate tax handling processes. The proposal seeks to increase the on-chain tax rate to 1.5%, with the original 1.2% burn tax being reinstated and 0.3% allocated to fund the chain, maintaining the current on-chain 80/20% tax split.
Terra Luna Classic’s Tax2Gas Proposal Progress
The Terra Luna Classic community is actively participating in the voting process for Proposal 12067, titled “Tax2Gas Implementation,” using the Station wallet. This proposal aims to secure approval for the collaboration of two new developers with StrathCole and Genuine Labs to introduce Tax2Gas on the chain.
The proposed developers bring extensive experience in Cosmos chain and module development, having undergone KYC verification as senior developers. They have devised a comprehensive plan outlining a six-week timeline for research, development, basic testing, and deployment of Tax2Gas.
The total budget allocated for this project amounts to $24,000, with an initial upfront payment of $5,000. The developers plan to submit spend proposals during the initial implementation phase and post-testing.
During the preliminary voting phase, Proposal 12067 received overwhelming support, with over 89% of votes in favor. Among the 15 validators participating, 12, including prominent names like JesusIsLord, Stakesystems, LUNC Development Fund, and SolidVote, voted “Yes.” However, two validators voted “No,” and Moon Rabbit Validator expressed a “No with veto.” Concerns have been raised within the community regarding potential violations of KYC and PPJ proposals.
LUNC and USTC Price Movements
LUNC, the native token of Terra Luna Classic, has seen a 1% increase in price over the past 24 hours and a notable 15% surge over the course of a week. Currently, LUNC is trading at $0.000129, with its 24-hour low and high recorded at $0.000123 and $0.000131, respectively. However, there has been a significant decrease in trading volume, plummeting by 60% in the last 24 hours.
On the other hand, the price of USTC, another prominent token, stands at $0.0315, reflecting a 3% decline in the past 24 hours. Its 24-hour trading range oscillates between a high of $0.0330 and a low of $0.0305.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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