Terra Classic (LUNC), the token that has risen from the ashes after a crash in May, now finds itself at a critical crossroads.
While governance proposals have provided some stability, the question remains: can LUNC and its stablecoin USTC reclaim their former glory? This is where Tax2Gas comes in.
Read Also: LUNC News: Major Terra Classic Recovery Proposal Enters Voting Stage
Tax2Gas is a bold proposition that seeks to reignite development and potentially push LUNC and USTC toward full recovery.
I am in full support of this Proposal. We need to burn down the supply and the way we do that is with a higher on-chain tax and higher off-chain tax. In order to get the latter we need the former to be implemented. Right now we a being Greedy. GREED will kill the classic chain.… pic.twitter.com/14aWTYhW1T
— Matthew G Perry (@Perry8k) December 18, 2023
Tax2Gas: The Purpose
Streamlining the Burn Process: This proposed solution aims to simplify the current burn process by integrating the tax seamlessly into gas fees. Gone are the days of complex calculations and cumbersome handling. Instead, Tax2Gas offers a streamlined system that powers the chain’s operations and fuels the burning mechanism. This elegant approach has garnered support from community members and validators who believe it is key to attracting builders back to the ecosystem.
Burn Battles and Binance Blues: While a 1.5% burn tax proposal has gained considerable support, concerns arise due to Binance’s reduced burn contribution. If the burn rate increases, it may dissuade the exchange from its existing 50% contribution, potentially impacting the overall burn rate. Nevertheless, the community remains steadfast in its mission to revitalize the chain and is exploring alternative avenues like Tax2Gas to achieve this goal.
Balancing Taxes and Volume: The debate surrounding burn rates is nuanced. While a higher burn rate may seem appealing, it can discourage projects and developers from building on the chain. Tax2Gas offers a potential sweet spot by simplifying the process and eliminating the need for separate calculations. This approach aims to attract builders while maintaining a healthy burn rate.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Here’s Why Terra Classic (LUNC) To $1 May Not Happen
The recent price action tells a mixed story. Despite a recent dip, LUNC has displayed signs of resilience over the past month, while USTC is slowly making its way back towards $0.04. The community remains optimistic, as Tax2Gas provides a glimmer of hope for a future where LUNC and USTC can regain their former allure.
The question of whether Tax2Gas will be the catalyst for a $1 revival remains uncertain. However, it injects much-needed innovation and hope into the Terra Classic ecosystem.
The community’s unwavering spirit and willingness to explore new solutions could be the fuel that propels LUNC and USTC toward a brighter future.
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