- Terra Luna Classic’s core developer has completed the main work on the Tax2Gas upgrade, with testing ongoing before the final release.
- The upgrade will automate burn tax calculations, making it easier for developers to manage dApps on the network.
Terra Luna Classic’s core development team is preparing for a significant network upgrade, Tax2Gas, which is expected to improve the blockchain’s functionality and potentially impact LUNC’s price. Although the development team has finalized the work on the upgrade, the testing process of the upgrade is still in progress on the rebel testnet to
Recently, Genuine Labs, an L1 developer of Terra Luna Classic, responded to the community’s questions about Tax2Gas’s delayed launch. The team admitted that they had some problems within the team, such as rivalry within the group. These challenges were comprised of intimidation, harassment, and roles that were not well defined, and they are said to have contributed to the delay. However, Genuine Labs said that these problems have been sorted out, and the team is now free to work on the upgrade.
The developer also released a statement saying that any information not coming from either Genuine Labs or LUNCLIVE should be considered unreliable. This was due to the community receiving mixed information from different sources, and the development team wanted to clarify things as the only official source of information.
Tax2Gas Aims to Streamline Burn Tax Process for Developers
The Tax2Gas upgrade that is planned for the near future is expected to be a game-changer for Terra Luna Classic. One of the key questions it seeks to answer is the problem that contract developers encounter today, where they have to determine the burn tax themselves.
The upgrade is expected to automate this process and relieve the clients and dApp developers. Currently, the simulation endpoint gives developers gas estimates, and they have to manually include tax calculations, which can be problematic during the auditing process.
The Tax2Gas upgrade will help in this process by providing a way to transition audited dApps to Terra Classic without needing to redo audits for Terra Classic-specific changes. However, the developers have not specified the exact time for the upgrade, noting that the testing on the rebel testnet will continue until the desired outcome is met.
LUNC and USTC Prices Face Market Pressure
While the community awaits the Tax2Gas upgrade of Terra Luna Classic, the tokens are still under pressure in the market. LUNC, the native token, is down by 3% in the last 24 hours and has shed 5% over the week. Currently, LUNC is trading at $0.00007537, with a daily low of $0.00007482 and a high of $0.000077. Additionally, the trading volume has gone down by 20% in the same period, indicating a more cautious approach to the market.
USTC, Terra Classic’s stablecoin, has also experienced a drop, with its price falling 3% in the last 24 hours to $0.01539. Trading volume for USTC decreased by 6% during this time, signaling a subdued reaction from traders amid the broader market downturn.
However, Coinglass data reveals that the trend is not entirely bullish since LUNC’s future open interest has risen by 2% in the last hour. On the contrary, the USTC’s future open interest fell by 3% in the last week, suggesting that market participants are becoming more cautious.
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