What Is Tax2Gas? Will It Bring Terra Luna Classic (LUNC) And USTC Revival To $1?

With many governance proposals related to updates, burn, staking, and others passed, some key Terra Luna Classic community members and validators believe it is imperative to bring back builders on the chain to revive LUNC and repeg USTC to $1. Tax2Gas — incorporating the tax into the gas and removing the need for separate handling and calculation is under discussion now.

Terra Luna Classic Gas2Tax Solution

The Terra Luna Classic community is currently advocating for an increase in the burn tax to 1.5%. The proposal aims to increase the on-chain tax rate to 1.5%, which brings back to the original 1.2% burn tax, with 0.3% to fund the chain by the current on-chain 80/20% tax split.

However, the majority refuses to increase burn tax as it could again pause the crypto exchange Binance LUNC burn mechanism. Earlier, Binance reduced its spot and margin trading fees contribution from 100% to 50%, decreasing the overall burn amount.

Furthermore, it also prevents projects and developers from returning to the chain. The community continues to make efforts to bring back utility to the chain.

Meanwhile, the community believes the Tax2Gas is a good solution and will bring back builders. Also, high burn taxes do not bring high volume. Tax2Gas incorporates the tax into the gas and removes the need for separate handling and calculation. It will be added soon for governance voting.

Read More: Terra Luna Classic Community Votes On Controversial Proposal

LUNC price fell 1% in the past 24 hours and 10% in a week, with the price currently trading at $0.000156. The 24-hour low and high are $0.000153 and $0.000161, respectively. However, trading volume has decreased slightly in the last 24 hours.

Meanwhile, USTC price trades at $0.0352, up 3% in the last 24 hours. The 24-hour low and high are $0.0335 and $0.0366, respectively.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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