Terra Luna Classic Set for Major Upgrade with Tax2Gas Implementation, Promises Enhanced Chain Efficiency and Potential LUNC Price Revival

The Terra Luna Classic blockchain is poised for a pivotal transformation with the forthcoming implementation of the Tax2Gas upgrade, a development that has been eagerly anticipated by the community and stakeholders alike. This upgrade, spearheaded by core developer Genuine Labs, received the green light from the Terra Classic community, marking a significant milestone in the blockchain’s evolution. The Tax2Gas mechanism is set to streamline the taxation process on transactions, eliminating the need for manual tax calculation and handling, thereby enhancing efficiency and user experience on the platform.

The approval for the Tax2Gas implementation came through text proposal 12120, dubbed “Genuine Labs’s Tax2Gas Implementation,” which successfully surpassed the pass threshold. This reflects a consensus among validators and delegators in favor of Genuine Labs’ proposition, paving the way for a subsequent parameter change proposal by the core developer to actualize the upgrade. The proposal garnered substantial support, with over 67% of votes in favor. However, it faced some opposition, most notably from top validator Allnodes which has yet to make a decision, underscoring the significance of this change to the burn and on-chain tax mechanism.

The proposal’s journey to approval was not without its challenges. Genuine Labs’ approach initially encountered resistance from certain segments of the Terra Luna Classic community. This resistance was significantly influenced by concerns raised by StrathCole, a prominent developer, during the initial review of the code developments by Genuine Labs. Such concerns necessitated a community-wide deliberation to determine the most appropriate course of action regarding the tax change proposal.

The Tax2Gas upgrade is anticipated to be a game-changer for the Terra Luna Classic chain. It addresses a critical pain point for contract developers and dApp clients who previously had to manually calculate the burn tax. This manual calculation was necessitated by the fact that the simulation endpoint only provided gas estimates, omitting the tax calculation. By automating this process, the Tax2Gas upgrade promises to significantly simplify transactions on the Terra Luna Classic blockchain, potentially boosting its utility and attractiveness to both developers and users.

The implications of the Tax2Gas upgrade extend beyond improved operational efficiency; they also hold potential for the Terra Luna Classic (LUNC) price. Following the announcement of the upgrade, the LUNC price experienced a surge of approximately 6.5%, indicating renewed investor interest and optimism about the blockchain’s future. The price movement reflects a broader market recovery, with LUNC trading at around $0.000072. Despite a slight decrease in trading volume, the community remains hopeful that the upgrade will enhance the blockchain’s utility and, by extension, support a long-term price revival potentially reaching $1.

Furthermore, the USTC price, another critical asset within the Terra ecosystem, witnessed a more than 4.5% increase, trading at approximately $0.01571. This uptick, albeit modest, signals a growing confidence in the Terra ecosystem’s recovery and future prospects.

As the Terra Luna Classic community anticipates the Tax2Gas upgrade’s implementation, there’s a palpable sense of optimism about the positive ramifications for the blockchain’s functionality and its native cryptocurrency’s value. This upgrade represents a crucial step in Terra Luna Classic’s ongoing evolution, promising to enhance its appeal to a broader user base and solidify its position within the ever-competitive blockchain landscape.