Terra Luna Classic Adopts Tax2Gas, Prepares for Burn Tax Hike Amid Community Debate

• Terra Luna Classic community implements Tax2Gas, integrating burn tax into gas fees.
• Debates arise over increasing burn tax to 1.2% to potentially boost LUNC’s price.

The Terra Luna Classic community has recently adopted proposal 12115, known as “Tax2Gas,” which integrates the burn tax directly into gas fees, simplifying transactions for developers and users. This change eliminates the need for manual calculation of the burn tax by decentralized application developers, enhancing user experience on the Terra Classic network.

As detailed in today’s CNF YouTube video, the community is now debating a proposal to increase the burn tax to 1.2%, aiming to boost LUNC’s price by encouraging token burns on transactions.

The Tax2Gas proposal passed with a 74.91% approval rate. This initiative aims to streamline the process for decentralized application (dApp) developers by embedding the burn tax within the gas fees, thus removing the need for manual calculations.

Proponents, including StrathCole and Genuine Labs, argue that this change will significantly enhance the user experience and promote further dApp development on the Terra Classic network.

Community Divided on Potential Burn Tax Increase

With Tax2Gas nearing full implementation, discussions about raising the burn tax to 1.2% have intensified within the Terra Luna Classic community. Supporters believe that increasing the burn tax could drive LUNC’s price higher by incentivizing exchanges to burn tokens with every transaction.

However, the community remains divided, with some members expressing concerns about the limited discussions and transparency surrounding the proposal.

Market Response and Future Outlook

Despite the mixed reactions, the LUNC token price saw a temporary rise following the proposal’s passage. Although there was a recent pullback, there is still optimism for future gains if market conditions improve. The TerraUSD Classic token also shows signs of recovery, indicating a cautious yet hopeful outlook for the Terra Classic ecosystem.

In line with the previous CNF update on Terra Luna Classic, the proposal to revise the burn tax has introduced price volatility. As of today, Terra Luna Classic (LUNC) is trading at $0.00009382, with an increase of 3.40% in the past day and a decrease of 8.56% in the past week.