Terra Luna Classic Anticipate for Tax2Gas Upgrade, LUNC Price Race to $1 Target
The Terra Luna Classic chain is set to experience a notable upgrade to introduce the highly anticipated Tax2Gas feature. This proposal by Genuine Labs, the core developer, has been approved by the Terra Classic community. The Tax2Gas upgrade eliminates the need for manual handling and calculation of taxes, which has substantial implications for the future of the chain and the price of LUNC.
Gemini Labs Tax2Gas Proposal
The proposal for Genuine Lab’s Tax2Gas Implementation has successfully surpassed the pass threshold, indicating the approval of validators and delegators to implement Tax2Gas using Genuine Labs’ approach. This will follow another parameter change proposal to carry out the upgrade.
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The proposal received over 65% “Yes” votes, with 10% “No” votes and 24% “Abstain” votes. While most validators supported the proposal, key validator Allnodes is yet to decide due to the significant changes to the burn and on-chain tax mechanism.
There was some opposition to Genuine Labs’ approach from certain members of the Terra Luna Classic community, particularly after developer StrathCole raised concerns during the initial code review by Genuine Labs. This led to a community decision regarding the method of implementing tax changes.
LUNC to Rocket $1 After Upgrade
The Terra Luna Classic community believes that the increased utility and burn resulting from the upgrade could lead to a long-term revival of LUNC to $1. In addition, the USTC price surged over 4%, reaching a trading price of $A. The 24-hour trading volume experienced a modest 4% increase, reflecting ongoing market uncertainty.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
