- The Terra Luna Classic (LUNC) community is initiating a vote on a pivotal proposal named Tax2Gas.
- This proposal seeks to eliminate the complexities associated with the separate handling and calculation of taxes by dApp developers and users.
- The proposal has already boosted LUNC and USTC prices, each increasing over 3%.
Learn all about the new Tax2Gas proposal by Terra Luna Classic and its potential to simplify tax calculations for dApp developers, spark interest, and drive up prices.
Proposal 12115: Simplifying Tax Calculations
Proposal 12115, known as “Genuine Labs Tax2Gas Implementation,” is currently under governance review on Station Wallet. Spearheaded by Genuine Labs, the proposal aims to unify tax within gas calculations to mitigate attack vectors through enhanced testing protocols.
Community Support and Votes
At the time of writing, the proposal has garnered overwhelming support with 99.98% “Yes” votes, signaling strong community approval. Validators like JESUSisLORD, StakeBin, and Ninja Node have actively backed the proposal. This broad-based support underscores the community’s desire to reduce manual tax computation burdens on contract developers and dApp clients.
LUNC and USTC Price Movements
The positive sentiment surrounding the Tax2Gas proposal has buoyed the price of LUNC. Recently, LUNC jumped by 4%, currently trading at $0.0001049. Notably, its trading volume has surged by 20%, suggesting increasing trader interest. However, LUNC must break above the key resistance level of $0.00012 for a significant rally.
Similarly, USTC experienced an over 3% increase, now trading at $0.02378, with a 5% rise in trading volume. Market participants are closely watching developments, especially with impending Federal Reserve decisions.
Implications for dApp Developers
One of the primary motivations behind the Tax2Gas proposal is to alleviate the difficulties faced by dApp developers. Traditionally, developers need to manually calculate tax, complicating contract deployment and requiring re-audit processes. By integrating tax within gas fees, the proposal aims to simplify dApp migration and operations, reducing audit costs and ensuring smoother transitions.
Conclusion
The Terra Luna Classic community’s proactive approach to implementing Tax2Gas highlights its dedication to fostering a more efficient and user-friendly ecosystem. With broad-based support and initial price gains in LUNC and USTC, the Tax2Gas proposal holds the potential to significantly streamline operations for dApp developers while boosting market confidence. As the community awaits the final vote tally, the future looks promising for Terra Luna Classic.
