- Terra Luna Classic’s developer, Genuine Labs, recently provided significant updates on the Tax2Gas implementation.
- This module is set to adjust gas price values for 22 denoms on the Terra Classic network.
- Developers and the community anticipate a considerable price hike following the upgrade.
Terra Luna Classic is set to experience a significant transformation with the upcoming Tax2Gas implementation by Genuine Labs, aiming to enhance blockchain functionality and potentially boost LUNC prices.
Tax2Gas Implementation by Genuine Labs
This Tuesday, Terra Luna Classic’s L1 developers at Genuine Labs announced advancements on the highly anticipated Tax2Gas module. This crucial implementation is expected to be fully realized by the end of July, following the community’s approval of proposal 12115 last month. The total estimated budget for this endeavour is $25,000, sourced in LUNC.
Technical Enhancements and Development Process
According to the Genuine Labs update, the team has been working rigorously on integrating the Tax2Gas module. The recent biweekly update revealed that the module will now store gas price values for 22 denominations within the Terra Classic ecosystem, defining the logic of the AnteHandler and PostHandler. Upon successful implementation, taxes will be converted into gas, which will only be consumed upon successful transaction completion. These developments can be followed on the Terra Classic GitHub.
Implications for Terra Luna Classic and LUNC Price
Implementing Tax2Gas is expected to address a series of issues for contract developers, who currently need to manually calculate burn taxes. This burdensome process often results in cumbersome migrations and potential re-audits of dApps, slowing down ecosystem growth. The new automatic tax-to-gas conversion mechanism aims to streamline these operations, encouraging broader adoption and usability.
Potential Price Surge for LUNC
Market analysts and the Terra Classic community are optimistic about LUNC’s price trajectory post-implementation. Many speculate that the improved network efficiency and potential new exchange listings could drive the token’s value upwards, possibly reaching the $1 mark. Other mechanisms, like the ongoing LUNC burn, are expected to gain additional momentum alongside these improvements.
Current Market Performance
As of now, LUNC has seen a relatively stagnant trading pattern over the past 24 hours, maintaining a price of approximately $0.00007074. There has been a noticeable drop in trading volume, which fell by 43% within the same period. Similarly, USTC has experienced a 12% decline in the past week, with its trading volume dropping by 41% in the last 24 hours, reflecting market uncertainties.
Conclusion
The imminent Tax2Gas implementation by Genuine Labs marks a potentially transformative phase for Terra Luna Classic. As the update targets significant operational improvements and efficiency, the broader community remains hopeful for a substantial price increase in LUNC, potentially fostering a vibrant and active blockchain ecosystem.
