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Terra Luna Classic Approves Game-Changing Tax2Gas Upgrade
#LUNA #LUNC #TerraClassicUpgrade #Tax2Gas
Terra Luna Classic Approves Tax2Gas Proposal
Key Developments
Tax2Gas Approval: The Terra Luna Classic community has approved the much-anticipated Tax2Gas proposal, led by Genuine Labs, which aims to streamline tax calculations on the Terra Classic chain. This could significantly impact the chain’s future and LUNC price.
Strong Community Support
Voting Results: Proposal 12120, "Genuine Labs’s Tax2Gas Implementation," passed with over 65% of validators and delegators in favor. However, top validator Allnodes has yet to vote, adding a layer of uncertainty to the on-chain tax mechanism and LUNC burn.
Debate and Resistance
Concerns: Despite strong support, the proposal faced opposition from some community members, including developer StrathCole, leading to further debate and revisions before final approval.
Impact on LUNC Price
Price Reaction: Following the proposal's approval, LUNC saw a 6% price increase, though trading volume dropped by 11%, indicating cautious trader sentiment. The community remains hopeful that the upgrade will boost utility, burn rates, and potentially push LUNC towards long-term revival, with analysts predicting a rebound to $0.0001.
USTC Gains
Parallel Movement: USTC also saw a 4% price increase, though trading volume showed only a modest rise, reflecting continued market uncertainty.
Conclusion
Potential Revival: The Tax2Gas proposal’s approval could be a turning point for Terra Luna Classic, potentially driving significant price movements and aiding in LUNC’s long-term recovery.
