Tax2Gas, a groundbreaking proposal that merges tax processing with gas calculations, has been approved by the Terra Luna Classic (LUNC) community. This integration aims to simplify processes for dApp developers and other users. The proposition received a 74.91% “Yes” vote, with 25.03% abstaining.
As the launch of Tax2Gas approaches, discussions within the Terra Classic community have turned towards potentially increasing the burn tax to 1.2%. Once implemented, all cryptocurrency exchanges will experience burn during purchases and sales, likely impacting the price of LUNC.
The approval of Proposal 12115, “Genuine Labs Tax2Gas Implementation,” in a governance vote on Station wallet signifies a significant boost for dApp developers. Genuine Labs’ plan focuses on integrating tax into gas calculations and enhancing chain security through e2e-test prevention of attack vectors.
While the majority of validators supported the Tax2Gas rollout, some concerns were raised, notably by Allnodes, a prominent Terra Luna Classic validator, who abstained from the vote citing the lack of debate within the community.
The innovative nature of the Tax2Gas concept lies in its ability to streamline processes for developers by automating the calculation of burn tax, eliminating manual computations. However, this may pose challenges for migrating audited dApps to the Classic network, potentially requiring re-audits.
In other crypto news today, Polygon (MATIC) price is showing signs of potential recovery with strong investor support. 