The Terra Luna Classic (LUNC) community has successfully passed a pivotal upgrade, potentially shaping the token’s future trajectory.
The Tax2Gas proposal, developed by Genuine Labs, received overwhelming support, with over 67% of validators and delegators voting in favor. This crucial upgrade aims to streamline the tax handling process by integrating it directly into the transaction gas fees, thereby enhancing efficiency and minimizing manual calculations.
Automating Tax Calculation with Tax2Gas
Previously, the tax management process for Terra Luna Classic involved labor-intensive manual calculations, which often led to inefficiencies. The newly approved Tax2Gas upgrade addresses these challenges by automating the tax calculation process. Notably, this automation is expected to reduce the likelihood of errors and enhance overall transaction efficiency within the LUNC ecosystem.
By embedding the tax calculation directly into the gas fees, the module aims to simplify the process for users and validators alike. Importantly, the upcoming module will oversee gas prices across 22 different denominations, ensuring that fees are applied only to successful transactions.
In the next phase of implementation, thorough testing will reportedly be conducted to validate the module’s functionality and ensure its stability.
LUNC Price Reaction Post-Upgrade
Following the community’s approval of the Tax2Gas proposal, LUNC experienced a brief surge, with prices soaring by 6%, as highlighted in an X post by Collin Brown, a crypto supporter and blockchain researcher. Confirming with CoinMarketCap data, The Crypto Basic observed that LUNC surged from $0.00006518 on August 8 and closed at $0.00008702 on August 10.
After Tax2Gas passed, the LUNC price increase was short-lived, as the token’s value declined by 7.28% over the weekend. Despite the drop, LUNC still recorded a 29.24% increase over the past week.
Brown underlined the potential impact of the proposal’s approval and the subsequent impact on LUNC’s utility. He suggested that significant price increases could be on the horizon, with some speculation pointing towards a potential future LUNC rise to $1.
🚀 Terra Luna Classic's Tax2Gas upgrade, approved by 65% of the community, has caused LUNC to soar 6%! This major change by Genuine Labs simplifies tax handling, potentially boosting the token's utility. With the community's backing, LUNC might see significant price increases,… pic.twitter.com/nNqez9nGyL
— Collin Brown (@CollinBrownXRP) August 9, 2024
Binance’s Latest Burn Fails to Boost LUNC’s Value
The Tax2Gas upgrade comes at a time of notable activity within the Terra Luna Classic community. Recently, leading crypto exchange Binance burned 1,149,430,203 LUNC tokens, a move intended to reduce the excessive supply of Terra Classic.
According to data from community-based tracking service Luncmetrics, Binance carried out this burn in a single transaction on August 1, 2024. Notably, the exchange transferred over 1.1 billion tokens to a dead address. However, despite the substantial burn, LUNC’s market value remained unaffected.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
