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Highlights
- Genuine Labs announces progress on the Tax2Gas implementation.
- The module will now hold gas price values of 22 denoms of Terra Classic.
- LUNC price will get a major boost after the Tax2Gas implementation.
Terra Luna Classic developer Genuine Labs on Tuesday announced progress on the Tax2Gas implementation, with the most anticipated upgrade expected in July-end. The move comes as the community passed proposal 12115 “Genuine Labs Tax2Gas Implementation” last month.
Genuine Labs earlier said they require 5 weeks for research, development, and basic testing and deployment. The estimated total budget is $25,000 in LUNC.
Terra Luna Classic Set For Tax2Gas Implementation
Terra Luna Classic L1 developer Genuine Labs shared a biweekly update on July 9 regarding developments for Tax2Gas implementation. According to the developer, the team worked on implementing Tax2Gas module, changes related to wasm handler plugin, and upgrading the handler. The work progress for Tax2Gas implementation can be found at Terra Classic GitHub.
Genuine Labs revealed that the module will now hold gas price values of 22 denoms of Terra Classic. It will define the logic of the AnteHandler and PostHandler. Notably, the taxes now get converted to gas and the fee will only be consumed upon success transaction.
In the next two weeks, the team will work on tasks such as unit tests for the new module and implementation, E2E tests, and manual tests and testnet.
As CoinGape reported earlier, Tax2Gas proposal is game-changing as it will resolve issues including contract developers’ need to calculate the burn tax manually. The issues are — clients or dApps have to calculate the tax themselves as the simulation endpoint only provides gas estimates. Migrating audited dApps becomes cumbersome due to these Classic-specific adjustments, leading to potential re-audits.
Also Read: XRP Lawsuit — Parties File Administrative Motions Ahead Judge Order
LUNC Price To $1?
Terra Classic chain and LUNC price will get a major boost after the Tax2Gas implementation. The community believes LUNC will hit $1 after Tax2Gas due to listings on crypto exchanges and return of dApps to the chain. Other mechanisms like LUNC burn will also get a further boost.
LUNC price mostly trading sideways in the last 24 hours, with the price currently trading at $0.00007074. The 24-hour low and high are $0.0000683 and $0.00007123, respectively. Moreover, trading volume decreased by 43% in the last 24 hours.
Meanwhile, USTC price is trading at $0.01567, down 12% in a week. The 24-hour trading volume saw a 41% drop in the last 24 hours as uncertainty rose amid BTC selloff by German Government.
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