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Terra Luna Classic to Roll Out Tax2Gas and Discontinue LUNC Burn Tax Feature

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            <h2>Insights</h2>

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                <li>Exciting proposal by Genuine Labs for Tax2Gas implementation on Terra Classic chain.</li>




                <li>Tax2gas simplifies tax handling by integrating it with gas computations, eliminating separate calculations.</li>




                <li>LUNC's value surged by 2% in the past day, showcasing positive growth.</li>
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Genuine Labs, the developer team behind Terra Luna Classic, is pushing for the implementation of Tax2Gas. This move aims to streamline the handling and computation of tax by integrating it with gas operations, eliminating the need for separate processes. The initiative arises in response to suggestions made by renowned developers StrathCole and Genuine Labs regarding the Tax2Gas approach for the Terra Classic chain.

With Tax2Gas, the tax will become a part of the gas process, streamlining operations by eradicating standalone tax calculations. The proposal seeks to elevate the on-chain tax rate to 1.5%, reverting back to the original 1.2% burn tax, while allocating 0.3% to support the chain through the current on-chain 80/20% tax distribution.

Terra Classic Community Transition from Current Burn Tax

The Terra Luna Classic community adopted a burn tax approach for transactions back in 2022, but several issues emerged in its implementation:

  • Contract developers had to manually calculate and adjust taxes.
  • Clients or dApps were responsible for calculating taxes, as the simulation endpoint lacked tax estimates.
  • Migrating audited dApps posed challenges due to Classic-specific adjustments, potentially necessitating re-audits.

Genuine Labs highlights Tax2gas as the solution to these burn tax challenges, offering a straightforward and effective resolution. This innovative approach will also enhance security against attacks on Terra Luna Classic using e2e-test.

The development phase for Tax2Gas, including research, basic testing, and deployment, is estimated to span 5 weeks. A projected budget of $25,000 in LUNC has been allocated for these activities. Upon completion of specified tests during the implementation phase, developers will submit expenditure proposals.

Currently, Terra Classic maintains a burn tax rate of 0.5%, with 80% allocated for burning and 20% divided equally between the Community Pool and Oracle Pool.

LUNC and USTC Price Trends

LUNC experienced a 2% surge in value over the past 24 hours, reflecting positive market sentiment. The current price stands at $0.0001187, with a 24-hour low and high of $0.0001166 and $0.0001208, respectively. Trading volume saw a slight uptick, indicating growing interest among traders.

On the other hand, USTC prices climbed by more than 3%, trading at $0.02378. The price soared by 22% in a week, with a 52% surge in 24-hour trading volume.

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