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

Varinder Singh
February 23, 2024 Updated September 4, 2025
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LUNC News: Terra Luna Classic USTC price

Highlights

  • Terra Luna Classic community rejects crucial Tax2Gas proposal after heated debate
  • Top validator Allnodes turned down proposal citing KYC and PPJ violation
  • LUNC and USTC prices hold ground for upside momentum

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.

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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

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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.

Terra Classic price prediction chart

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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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.