Terra Luna Classic Tax2Gas Proposal Sparks LUNC and USTC Revival to $1

Terra Luna Classic community votes on the key Tax2Gas proposal, which major step in the revival of LUNC and repeg USTC to $1. The proposal seeks implementation of the Tax2Gas approach on Terra Classic in collaboration with popular developer StrathCole and developer group Genuine Labs.

Tax2Gas will 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.

Terra Luna Classic Tax2Gas Proposal

Proposal 12067 “Tax2Gas Implementation” is up for voting on the Station wallet and seeks approval of two new developers to collaborate with StrathCole and Genuine Labs to make Tax2Gas live on the chain.

Solidproof.io KYCed senior developers with Cosmos chain and module building in developed blockchain experience proposed Tax2Gas development and deployment plan. Developers require 6 weeks for research, development, and basic testing and deployment.

The estimated total budget is $24,000, with a $5000 upfront payment. The developers will submit spend proposals during the first weeks of the implementation phase and after successfully completing outlined tests.

The proposal received over 89% votes in favor during the initial voting. Among 15 validators who have participated, 12 validators including JesusIsLord, Stakesystems, LUNC Development Fund, and SolidVote voted “Yes”, 2 voted “No” and Moon Rabbit Validator voted “No with veto”. Some community members said the proposal violates both KYC and PPJ proposals.

Read More: Terra Luna Classic (LUNC) Community Selects CertiK for Secure L1 Developments

LUNC and USTC to Rally?

LUNC price jumped 1% in the past 24 hours and 15% in a week, with the price currently trading at $0.000129. The 24-hour low and high are $0.000123 and $0.000131, respectively. However, trading volume has decreased by 60% in the last 24 hours. As per CoinGape analysis, here are 5 reasons why LUNC price can hit $0.0002 soon.

Meanwhile, USTC price trades at $0.0315, down 3% in the last 24 hours. The 24-hour high and low of $0.0330 and $0.0305, respectively.

Also Read: Bitcoin Miners Under Pressure To Sell, Is BTC Price Retracement Below $50K Imminent?