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

<div class="row top-content newdesignpage mpadding ">
    <div class="col-lg-8 col-md-8 p-1-a fullintab col-widthd-8">

        <div class="row">

        <div class="col-md-12 col-width-12 midsection" id="s2200663">

        <!-- Sticky-fade-ads-popup -->

            <div class="postF">

        <div class="entry-content clearfix custom-page-content"> 
            <!-- <header class="entry-header clearfix">

                <div class="mh-meta entry-meta">

            </header> --> 

            <div class="row custom-page-row">
                   <div class="col-md-12">
                 <div class="keyfeatures">



                <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>


                <div class="col-lg-12 col-content">
                    <div class="main c-content">

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.

                            <!-- <div class="desktopPostEnd d-on"></div> -->

      <!-- <div class="m-on pl-2 pr-2">
        <div class="row">
        <div class="col-6 pr-2">
     <div class="Borderboxies_2 mb-3  fullmobx">

        <div class="SponserdyWebimg_2"><img width="834" height="833" src="https://cdn.coingape.com/wp-content/uploads/2022/12/15175104/top_crypto_marketing_agencies.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" ></div>
            <div class="Sponserdtent_2 mt-2">Top Crypto Marketing Firms / Agencies 2023; Here&rsquo;s Best Picks [Updated]
              <div class="col-6 pl-2">
             <div class="Borderboxies_2 mb-3  fullmobx">

        <div class="SponserdyWebimg_2"><img width="834" height="833" src="https://cdn.coingape.com/wp-content/uploads/2022/12/23134356/jpg_20221223_134223_0000.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" ></div>
            <div class="Sponserdtent_2 mt-2">Top 10 Web3 Games To Explore In 2023; Here List
    </div>                    -->


Crypto Stories

View all

5 Important Highlights from the Recent Fed Meeting
5 Important Highlights from the Recent Fed Meeting

ChatGPT's Next Big Upgrade: What You Need to Know
ChatGPT’s Next Big Upgrade: What You Need to Know

5 Reasons behind Mega Bank's 2024 Ethereum Price Prediction
5 Reasons behind Mega Bank’s 2024 Ethereum Price Prediction


                <!-- <div class="col-12 text-center"> --> <!-- </div> --> 



<a rel="nofollow noopener" target="_blank" href="'+urlsite+'"><img src="'+adsdata+'" alt="Quopi" title="Quopi" border="0"></a>');


       jQuery.getJSON(" function(result){
        if(result != null){
  var adsdata = result.placements.placement_1.image_url;
  var urlsite = result.placements.placement_1.redirect_url;

  jQuery(".mobileAfads").html('<p><span class="ad-placeholder">advertisement</span></p><a rel="nofollow noopener" target="_blank" href="'+urlsite+'"><img src="'+adsdata+'" alt="Quopi" title="Quopi" border="0"></a>');




 function SidebarAdfirst(){
      var htmlChkd2 =  jQuery("#placement_489565_0").html();

       infScroll.on('append', function () {
            let text = "";

// var max = 200;
// jQuery(“.authodes”).each(function() {
// var str = jQuery(this).text();
// var str = str.replace(‘Read more…’, “”);
// if (jQuery.trim(str).length > max) {
// var subStr = str.substring(0, max);
// var hiddenStr = str.substring(max, jQuery.trim(str).length);
// jQuery(this).empty().html(subStr);
// jQuery(this).append(‘Read more…’);
// jQuery(this).append(‘‘ + hiddenStr + ‘‘);
// }
// });
// jQuery(“.link“).click(function() {
// jQuery(this).siblings(“.addText”).contents().unwrap();
// jQuery(this).remove();
// });

            var max = 200;
jQuery(".authodes").each(function() {
    var str = jQuery(this).text();
    var str = str.replace('Read more…', "");
    if (str.length &gt; max) {
        var subStr = str.substring(0, max);
        var hiddenStr = str.substring(max, str.length);
        jQuery(this).append('Read more…');
        jQuery(this).append('<span class="addText">' + hiddenStr + '</span>');
jQuery(".link").click(function() {



            var sn = jQuery( "article" ).length;
            if(jQuery(window).width() &gt; 767){
            var htmlChkd =   jQuery(".singlearticles .afterpostdesk").html();
              jQuery(".singlearticles .PostEnd").html(" ");
               if(jQuery(window).width() &lt; 767){ 

// var htmlChk = jQuery(“.singlearticles .ad1”).html();
// jQuery(“.mobileAfads”).html(htmlChk);
// jQuery(“.singlearticles .mobileAfads”).html(” “);
var htmlChknew = jQuery(“.singlearticles .mobileEnd”).html();
jQuery(“.singlearticles .PostEnd”).html(” “);

                  var trendingaDs =   jQuery(".singlearticles .trendingaDs").html();




// newScroll();
// jQuery(‘.article1’+sn).theiaStickySidebar({
// additionalMarginTop: 60
// });
// jQuery(‘.article12’).theiaStickySidebar({
// additionalMarginTop: 60
// });

// var Getuserid = localStorage.getItem(“userId”);
// if (Getuserid !== null) {
// var Postidesstorage = localStorage.getItem(‘postIds’);
// var postIds = JSON.parse(Postidesstorage) || [];
// jQuery(‘.savearticle’).each(function() {
// var buttonId = jQuery(this).attr(‘data-id’);
// if (postIds.includes(buttonId)) {
// jQuery(this).addClass(‘Saved’);
// jQuery(this).find(“.tooltipsbk”).removeClass(“hoverShow”)
// jQuery(this).find(“i”).removeClass(‘fa-bookmark-o’);
// jQuery(this).find(“i”).addClass(‘fa-bookmark’);
// } else {
// jQuery(this).addClass(‘Userlogin’);
// jQuery(this).find(“.tooltipsbk”).addClass(“hoverShow”)
// }
// }
// else{
// jQuery(‘.savearticle’).addClass(‘Usernologin’);
// }



        if ('object' === typeof _gaq) {

             setTimeout(function () {
            _gaq.push(['_trackPageview', location.pathname+'?utm_source=infinite_scroll']);
                 }, 1500);
        if ('function' === typeof ga) {
                        console.log("GA4 Scroll Code Page"+pageNum);

 console.log("page_scroll firing");
  'event': 'page_scroll',

🚀 Ailtra Crypto Bot Earned $13.4M Million in 11 Months with 0% Loss!

🚀 Ailtra generated $13.4M in 11 months only!

Unlock 15-55% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 15th Aug: an AI Crypto Bot boasting 15%-55% monthly gains and $13.4M earnings in 11 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,500 spots are available in first phase – claim yours fast! 🔥

Ailtra.ai will not disclose your account information to any 3rd parties.