LUNC News: Terra Classic Community Rejects Tax2Gas Proposal, But There’s A Catch

LUNC News: The Terra Luna Classic community has rejected a major Tax2Gas proposal after the community members and validators reached an impasse, citing earlier pay-per-job and KYC proposals as reasons. While they admit the proposal benefits LUNC revival and USTC repeg to $1, it faced major headwinds.

Terra Luna Classic Turns Down Tax2Gas Proposal

Tax2Gas is a major development under discussion to incorporate the tax into the gas and remove the need for separate handling and calculation. The proposal aims to increase the on-chain tax rate to 1.5%, which brings back to the original 1.2% burn tax, with 0.3% to fund the chain by the current on-chain 80/20% tax split.

Proposal 12067 “Tax2Gas Implementation” that called for approving two new developers to collaborate with StrathCole and Genuine Labs to make Tax2Gas live on the chain has failed. The major reasons — violation of both KYC and PPJ proposals.

The proposal received over 48% “No” votes and just 23% “Yes” votes, along with some No with veto and Abstain votes. Among 53 validators who participated, 23 validators including JesusIsLord, Stakesystems, Lunanauts, LUNC Development Fund, and SolidVote voted “Yes”, 17 validators including Allnodes voted “No”.

The proposal is near rejection, but some members believe if the revised pay-per-job practical implementation proposal is passed then Tax2Gas should passed, invalidating the PPJ requirement.

Read More:  Terra Luna Classic Minimum Initial Deposit Proposal Officially Passed, LUNC Price Ascends

LUNC and USTC Hold Above Support Amid Recent News

LUNC price jumped 2% in the past 24 hours, with the price exchanging hands at $0.000123. The 24-hour low and high are $0.000119 and $0.000124, respectively. Moreover, trading volume has decreased slightly in the last 24 hours amid fresh weakness in the market.

As per CoinGape Markets, holding above the green support band is crucial for LUNC as it allows bulls to take control. The resistance at $0.00014 is key for further upside in LUNC towards $0.0002.

Meanwhile, USTC price has soared more than 4% in the last 24 hours, with the price currently trading at $0.031. The 24-hour high and low are $0.0292 and $0.0319, respectively. Trading volume decreased in the last 24 hours by 25%.

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