Terra Luna Classic Community Votes On Game Changing Proposal

LUNC News: Terra Luna Classic proposal to implement Tax2Gas and remove the need for separating handling and calculation of tax. Tax2Gas will incorporate the tax into the gas and decrease complexities for dApp developers, as per a proposal by StrathCole and Genuine Labs.

Terra Luna Classic Starts Voting on Tax2Gas Proposal

Proposal 12115 “Genuine Labs Tax2Gas Implementation” is currently under governance voting on Station wallet. The proposal by Genuine Labs aims to proceed with incorporating tax into the gas and help prevent as much attack vectors as possible using e2e-test.

At press time, the proposal has received 99.98% “Yes” votes and indicates the community’s acceptance to the Tax2Gas implementation. All validator who participated have voted in favor of the proposal. It received quick support from validators such as JESUSisLORD, StakeBin, Ninja Node, and others.

As reported earlier, Tax2Gas proposal looks to resolve issues including contract developers’ need to calculate the tax manually. Moreover, clients or dApps have to calculate the tax themselves as the simulation endpoint only provides gas estimates. Migrating audited dApps becomes cumbersome due to these Classic-specific adjustments, leading to potential re-audits.

Developers require 5 weeks for research, development, and basic testing and deployment. The estimated total budget is $25,000 in LUNC.

Also Read: Terra Luna Classic Votes On Implementing New LUNC Burn Tax

LUNC and USTC Prices Climbed

LUNC price jumped 4% in the last 24 hours amid positive sentiment due to cooling CPI, with the price currently trading at $0.0001049. The 24-hour low and high are $0.00009855 and $0.0001057, respectively. Moreover, trading volume increased by 20% in the last 24 hours, indicating interest among traders.

However, the price is still below the key level of $0.00012 and needs to soar above the level for a massive rally in Terra Classic ecosystem tokens.

Meanwhile, USTC price also climbed more than 3%, with the price now trading at $0.02378. The 24-hour trading volume saw a mere 5% rise in the last 24 hours as traders await the Fed interest rate decision post-FOMC today.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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