Terra LUNA Classic Votes On Major Tax2Gas Proposal, LUNC To $0.0001?

The Terra LUNA Classic community is keeping a close track as Genuine Labs starts voting on the Tax2Gas proposal. The implementation primarily focuses on streamlining gas fees and tax conversions, which in turn could bump up the LUNC value. The proposal, which has already received immense support from the community, marks a critical development for the Terra LUNA Classic’s future.

Terra LUNA Classic Community Votes On Tax2Gas Proposal

The Terra LUNA Classic community has submitted a voting proposal for implementing Tax2Gas in Genuine Labs’ approach. The proposal primarily aims to shift the existing fee logic to a new tax2gas module, which could potentially simplify the fee calculation and deduction process. Under this new system, taxes will be converted into gas at predefined gas prices, which will allow the users to pay gas fees using several denominations.

In addition, the multiple denominations would aid users’ flexibility, especially for those who do not have enough of a single denomination to cover the fees. Genuine Labs said that the community could vote to include other tokens in the future, rather than only LUNA or USTC, as gas payment options.

Meanwhile, another major shift includes making the sender responsible for all the taxes that a contract might forward. This process would ensure that the receivers do not face unexpected fees, which would simplify the transaction process. In addition, the proposal includes changes that would prioritize transactions in the mempool and logic to bypass certain IBC transactions to facilitate smoother operations.

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Voting Result & LUNC Performance

The Tax2Gas proposal has sparked diverse reactions within the Terra Classic community. While many support the changes, some validators have expressed concerns about the extra costs involved.

However, despite this, the proposal has received around 82% ‘yes’ votes, indicating strong community backing. Only 17% voted for no, and 0.8% cast their votes to “abstain” option. Notably, the outcome of this vote could have a significant impact on the Terra LUNA Classic ecosystem.

Meanwhile, the LUNC price was down nearly 5% today and exchanged hands at $0.000071, with its 24-hour trading volume declining 17% to $13.54 million. However, a recent analysis from CoinGape Media indicates that LUNC could potentially hit $0.0001 in the near future. The analysis highlighted several on-chain and technical trends, suggesting that Terra Classic could potentially note a major trend reversal to hit $0.0001.

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