Terra Luna Classic Community Votes on Tax2Gas Proposal
The Terra Luna Classic community is currently voting on the Tax2Gas proposal, a major step in the revival of LUNC and repegging USTC to $1. The proposal aims to implement the Tax2Gas approach on Terra Classic in collaboration with popular developer StrathCole and developer group Genuine Labs.
The Tax2Gas approach incorporates the tax into the gas, eliminating the need for separate handling and calculation. The proposal seeks to increase the on-chain tax rate to 1.5%, which brings it back to the original 1.2% burn tax, with 0.3% allocated to fund the chain through the current on-chain 80/20% tax split.
Terra Luna Classic Tax2Gas Proposal
The proposal, known as “Tax2Gas Implementation,” is currently up for voting on the Station wallet. It aims to approve two new developers to collaborate with StrathCole and Genuine Labs in order to bring Tax2Gas live on the chain.
The proposal was put forward by senior developers who have undergone KYC verification with Cosmos chain and have experience in module building and developing blockchain projects. They estimate that it will take approximately 6 weeks for research, development, basic testing, and deployment.
The total budget for this project is estimated at $24,000, with an upfront payment of $5,000. The developers will submit spend proposals during the implementation phase after successfully completing outlined tests.
During the initial voting stage, the proposal received over 89% votes in favor. Out of the 15 participating validators, 12 voted “Yes,” including JesusIsLord, Stakesystems, LUNC Development Fund, and SolidVote. Two validators voted “No,” and Moon Rabbit Validator voted “No with veto.” Some community members expressed concerns that the proposal violates both KYC and PPJ proposals.
LUNC and USTC Price Analysis
In the past 24 hours, LUNC price has increased by 1% and by 15% in the last week, currently trading at $0.000129. The 24-hour low and high are $0.000123 and $0.000131, respectively. However, trading volume has decreased by 60% in the last 24 hours. CoinGape analysis suggests that there are five reasons why LUNC price could soon reach $0.0002.
On the other hand, USTC price is currently trading at $0.0315, down by 3% in the last 24 hours. The 24-hour high and low for USTC are $0.0330 and $0.0305, respectively.
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