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Home»ALTCOIN NEWS»Terra Luna Classic Reverses Tax Mechanism: Will LUNC Recoup a Dollar?
ALTCOIN NEWS

Terra Luna Classic Reverses Tax Mechanism: Will LUNC Recoup a Dollar?

By Crypto FlexsNovember 10, 20243 Mins Read
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Terra Luna Classic Reverses Tax Mechanism: Will LUNC Recoup a Dollar?
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  • Terra Classic’s 13% monthly returns have kept LUNC above $500 million in market capitalization.
  • Developers discontinued ‘Tax2Gas’ and switched to a simplified tax system.
  • Terra Luna Classic, which cancels tax receipts, expands dApp compatibility.

Orbit Labs, the Web3 development company, is taking historic leaps in enhancing its Terra Luna Classic (LUNC) infrastructure. A few days ago, the community on the original chain approved a proposal called #12143 ‘Reverse Charge’, allowing the development team to take the reigns and unbuckle.

This upgrade includes LUNC’s simplified tax mechanism and provides backward-compatible automatic tax deduction functionality.

What the recipient pays tax on LUNC brings

The new tax system on the Terra Classic L1 chain replaces the previous ‘Tax2Gas’ agreement, removing the previous requirement that payment senders had to pay transfer taxes as an additional fee. This outdated logic has presented several challenges to developing decentralized applications on the network, especially those native to other blockchains.

We are submitting a PPJ proposal to review and support testing of the passed Proposal #12143 ‘reverse billing’ mechanism to simplify tax processing in Terra Classic. @ColeStrathclyde

Suggested link: https://t.co/ebXaFHk031

We don’t have any reviews…

— Orbit Labs (@orbit__labs) November 7, 2024

According to an update from Orbit Labs’ official . Community-approved “reverse payment” mechanism. In total, the developers at Orbit Labs set a budget of $2,500 to complete the task.

Is Terra Luna Classic’s $1 dream on hold?

Despite favorable L2 network developments, Terra Luna Classic’s price value has been lagging, with a slight increase of 2.2% in the last 24 hours. Despite maintaining a market capitalization of over $500 million, altcoin competition for LUNC has been fierce. This is because altcoins continue to remain below the top 150 cryptocurrencies based on global market capitalization.

Terra Luna Classic's price performance over a 1-day period is displayed in a TradingView chart.
Chart showing the price movement of Terra Classic over a 1-day period from TradingView.

On a technical note, the price chart for Terra Luna Classic shows more downtrends than uptrends. On the 1-day chart, the layer 1 altcoin continues to trade below the key support level of $0.0000950. At the same time, the Stochastic Relative Strength Index (Stochastic RSI) indicates overbought between 86 and 80 for LUNC.

Chaikin Money Flow (CMF) also remains below zero, indicating that more large investors are diversifying their LUNC positions rather than accumulating them, making a $1 LUNC price target unrealistic for the time being. Nonetheless, the future price trajectory of Terra Luna Classic will largely depend on usage. This is because traders on the receiving end of the Terra Classic chain will not be taxed on incoming transfers when the upgrade begins.

On the flip side

  • Unlike most previous volunteer developer teams on the LUNC chain, Orbit Labs is not anonymous. The developer has been KYC verified by SolidProof.io.
  • Some in the Terra Luna Classic community support ‘Tax2Gas’, arguing that the new LUNC taxation model will significantly reduce taxes and burn revenue.

Why This Matters

These technological adjustments could drive the adoption of blockchain as traders seek efficient ways to move funds on-chain within a consistent taxation system.

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