Terra Luna Classic's Tax2Gas Upgrade: A Potential Turning Point?

The Terra Luna Classic (LUNC) community has approved a significant upgrade that could reshape the network's future—both technically and financially. Known as the Tax2Gas proposal, this new initiative is designed to simplify the process of handling transaction taxes, a move that could potentially reinvigorate activity on the Terra Luna Classic blockchain.

Streamlining Transactions for Developers and Users

Developed by Genuine Labs, the Tax2Gas proposal has garnered over 65% approval from validators and delegators within the LUNC community. The upgrade integrates tax calculations directly into transaction gas fees, eliminating the cumbersome manual processes that previously dominated tax management. By automating these calculations, the network aims to make transactions more seamless for both developers and users.

The new module will manage gas prices for 22 different denominations, ensuring that fees are only charged for successful transactions. The implementation phase will include rigorous testing to ensure the module’s stability and effectiveness.

What Could This Mean for LUNC’s Market Position?

The approval of Tax2Gas could have far-reaching effects on LUNC’s price and overall market sentiment. Currently trading at $0.000071, LUNC has experienced a modest 6% increase over the past 24 hours, though trading volume has dipped by 11%. Some analysts are optimistic that this upgrade could pave the way for LUNC to recover to $0.0001 and possibly even approach the elusive $1 mark in the long term.

However, it’s important to note that the LUNC market has faced significant volatility, driven by broader market trends and economic uncertainty. Despite the recent rally, the token is still far from its all-time high of $119.01, with current market sentiment leaning bearish. The Fear & Greed Index, a popular metric among crypto traders, continues to show extreme fear among LUNC investors.

The eToro Delisting Controversy

Adding to the challenges faced by LUNC, popular trading platform eToro recently delisted Terra Luna Classic, a move that has sparked controversy within the community. The decision follows the bankruptcy proceedings of TerraForm Labs and eToro’s concerns over ongoing legal issues surrounding Terra. This has left many LUNC holders frustrated, especially as they view the delisting as an unfair blow to their investments.

The timing of this delisting is particularly concerning for LUNC holders, given TerraForm Labs’ recent restructuring and the subsequent fork into Terra 2.0. The community is actively seeking clarification from both eToro and TerraForm Labs, hoping to resolve the situation and regain some stability in the market.

Looking Ahead

As the Tax2Gas upgrade rolls out, all eyes will be on how it impacts the Terra Luna Classic ecosystem. While there’s cautious optimism that this could be a catalyst for growth, the broader market conditions and ongoing controversies will undoubtedly play a role in shaping LUNC's future. Whether this upgrade will help LUNC regain its footing or simply be a footnote in its tumultuous history remains to be seen.

Thank you for reading.