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The Terra Luna Classic community has approved a new tax management proposal aimed at simplifying the tax system on the Terra Classic network. This “Reverse Charge” mechanism alters how taxes are deducted from transactions, facilitating a more user-friendly experience for developers and users.
Details of the Tax Management Proposal
In a recent announcement, the newly introduced Reverse Charge mechanism will allow taxes to be directly deducted from the transaction amount before being transferred to the recipient’s wallet. This change provides convenience for developers and end-users as senders are no longer required to pay additional taxes.
One of the key benefits of the Reverse Charge system is the elimination of double taxation for smart contracts. In the previous system, contracts were taxed both when receiving and sending funds, leading to extra costs for developers and users.
LUNC Token Burn
The new tax proposal follows efforts to reduce the total supply of LUNC and increase the asset’s value through token burning initiatives. In the latest burn cycle, Binance burned 1.048 billion LUNC tokens, raising the total amount of burned tokens to approximately 137 billion, as reported by the community.
Alongside these measures, millions of LUNC delegations have been made to support the validators and other key participants within the Terra Luna Classic ecosystem.
Closure of Shuttle Bridge
The closure of the Shuttle Bridge has increased the community’s hopes for the future of LUNC. Community member Leonardo recently addressed questions about the shuttle bridge and anticipated burns, stating, “The shuttle bridge is closing, and we will adapt when the burn occurs.”
“The expected burn did not happen, but the good news is the shuttle bridge is now closed. We will adapt when the bridge burn occurs.” – Leonardo
With the Shuttle Bridge’s closure, the Terra Classic community anticipates additional LUNC and USTC token burns to stabilize and support the ecosystem. As a result, these steps taken by the Terra Luna Classic community regarding tax management and token burns are expected to significantly impact the ecosystem’s development and LUNC’s value enhancement.
