This article covers the Terra LUNA Classic community’s anticipation of the voting process for the Tax2Gas proposal, which aims to revamp the handling of gas fees and taxes within the ecosystem.
Points
- Genuine Labs launches the voting process for the Tax2Gas proposal.
- The proposal aims to convert taxes into gas fees using predefined rates.
- Community reaction and potential impact on the LUNC ecosystem.
Voting Commences Amid High Expectations
The Terra LUNA Classic community is closely monitoring developments as Genuine Labs begins the voting process on the pivotal Tax2Gas proposal. This initiative aims to revamp the way gas fees and taxes are handled, potentially enhancing the value of LUNC.
Genuine Labs has proposed converting taxes into gas using predefined rates, which would enable the payment of gas fees in various denominations. This flexibility is expected to benefit users who lack sufficient funds in a single denomination to cover fees. Genuine Labs also mentioned the possibility of future expansions to include other tokens as acceptable payment forms for gas fees.
Proposal Details and Community Reaction
The proposal introduces a significant change where senders will bear all taxes forwarded by contracts, ensuring that recipients are not burdened with unexpected fees. This change aims to
streamline transactions and prioritize them within the mempool. The modifications also include mechanisms to exclude certain Inter-Blockchain Communication （IBC） transactions to enhance overall operational fluidity.
Despite its potential benefits, the proposal has stirred mixed feelings among validators, some of whom are concerned about the implications of additional costs. However, the community has largely shown support, with preliminary voting results displaying a robust 82% approval rate. Only 17% have opposed, while a mere 0.8% chose to abstain.
Market Response and Future Outlook
After voting started, the LUNC price fell nearly 5% to $0.000071, and its 24-hour trading volume dropped 17% to $13.54 million. Financial experts predict a possible increase to $0.0001, citing on-chain and technical trends that may lead to a major reversal in Terra Classic’s market soon. The successful implementation of the Tax2Gas proposal could mark a crucial turning point, potentially fostering greater stability and user engagement within the ecosystem.
Conclusion
The Terra LUNA Classic community’s anticipation of the Tax2Gas proposal highlights the ongoing efforts to innovate and improve the ecosystem. With significant community support and potential market benefits, the proposal’s successful implementation could enhance transaction efficiency and user satisfaction, solidifying Terra LUNA Classic’s position in the crypto market.
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