Terra Luna Classic Tax2Gas Update: 6 Insights On The Upcoming Blockchain Boost

In a recent announcement, Terra Luna Classic developer Genuine Labs has revealed significant progress on the anticipated Tax2Gas implementation, a move poised to invigorate both the blockchain and its market price. The development follows the community’s approval of proposal 12115, titled “Genuine Labs Tax2Gas Implementation,” last month, setting the stage for a major upgrade expected by the end of July.

A Milestone for Terra Luna Classic

On Tuesday, Genuine Labs shared that they have been diligently working on the Tax2Gas module, a crucial component aimed at redefining the Terra Classic blockchain’s functionality. The team outlined their plan, which included five weeks dedicated to research, development, testing, and deployment, with an estimated budget of $25,000 in LUNC.

Technical Advancements and Strategic Development

The developer’s biweekly update on June 9 highlighted key advancements, including the implementation of the Tax2Gas module, updates to the wasm handler plugin, and significant improvements to the handler itself. Notably, the new module will manage gas price values across 22 denominations of Terra Classic, thereby streamlining the transaction process. Taxes will now be converted to gas fees, which will only be consumed upon successful transaction completion.

The forthcoming weeks are critical as the team embarks on unit tests, end-to-end (E2E) tests, manual tests, and further testnet implementation to ensure the robustness of the new module.

Solving Critical Issues

As previously reported by CoinGape, the Tax2Gas proposal is a game-changer for the Terra Classic ecosystem. It addresses longstanding issues faced by contract developers, who previously had to manually calculate burn taxes. The proposal simplifies this by providing precise gas estimates, eliminating the need for cumbersome adjustments and potential re-audits when migrating audited dApps.

Market Implications and Price Predictions

The Terra Classic community is optimistic about the future, predicting that the Tax2Gas implementation will drive the LUNC price toward the $1 mark. This optimism is fueled by the expectation of new listings on crypto exchanges and the return of dApps to the Terra Classic chain. Additional mechanisms, such as the LUNC burn initiative, are also anticipated to gain momentum following the upgrade.

Currently, the LUNC price remains relatively stable, trading at $0.00007074. Over the past 24 hours, the price has fluctuated between a low of $0.0000683 and a high of $0.00007123. However, trading volume has seen a significant 43% decrease within the same period.

Meanwhile, the price of USTC has dropped to $0.01567, marking a 12% decline over the past week. This drop coincides with a 41% decrease in trading volume over the last 24 hours, attributed to the broader market uncertainty following the German Government’s BTC selloff.

Looking Ahead

As the Tax2Gas implementation nears completion, all eyes are on the Terra Classic blockchain. The community’s anticipation of a significant price surge reflects a broader confidence in the long-term viability and growth potential of LUNC. With Genuine Labs at the helm, Terra Luna Classic is poised for a transformative leap, potentially reshaping the landscape of decentralized finance.