The Terra Luna Classic (LUNC) community has successfully passed a key upgrade that could shape the token’s future trajectory. The Tax2Gas proposal, developed by Genuine Labs, received overwhelming support, with more than 67% of validators and delegators voting in favor. This upgrade aims to streamline tax handling by integrating it directly into transaction gas fees, thereby improving efficiency and reducing manual calculations.
Automating Tax Calculation Through Tax2Gas
Previously, managing taxes for Terra Luna Classic involved labor-intensive manual calculations, often leading to inefficiencies. The newly approved Tax2Gas upgrade addresses these issues by automating tax calculations. By automating this process, the likelihood of errors is reduced, and overall transaction efficiency within the LUNC ecosystem is expected to improve.
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The Tax2Gas module simplifies the process for both users and validators by embedding tax calculations directly into gas fees. It will oversee gas prices across 22 different denominations, ensuring that fees apply only to successful transactions. The next phase of the upgrade will involve thorough testing to validate the module’s functionality and ensure stability.
LUNC Price Reaction After the Upgrade
After the community approved the Tax2Gas proposal, LUNC experienced a brief price surge. According to a post by Collin Brown, a crypto supporter and blockchain researcher, LUNC’s price rose by 6%, from $0.00006518 on August 8 to $0.00008702 by August 10. However, this increase was short-lived, as the token’s value dropped by 7.28% over the weekend. Despite the decline, LUNC recorded a 29.24% increase over the past week.
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Brown emphasized the potential impact of the proposal’s approval on LUNC’s utility and suggested that significant price increases could follow. Some speculators believe LUNC could eventually rise to $1.
The Tax2Gas upgrade comes amid other significant developments within the Terra Luna Classic community. Recently, Binance, a leading crypto exchange, burned 1,149,430,203 LUNC tokens in a single transaction on August 1, 2024. The burn aimed to reduce the excessive supply of Terra Classic by transferring over 1.1 billion tokens to a dead address. Despite this substantial burn, LUNC’s market value remained unaffected.
