Binance, the world’s largest exchange by trading volume, has announced that it would support the Terra Classic ecosystem in its next Tax2Gas update.
As per the latest update, Binance has decided to halt token deposits and withdrawals on the Terra Classic (LUNC) network. This would facilitate its network upgrade and guarantee optimal user experience. This will commence at around 10:15 (UTC) on September 18, 2024.
The network upgrade is scheduled for 2024-09-18 11:15 (UTC), or at the block height of 19,850,000. The top exchange also promised to offer all technical help to its consumers to ensure a seamless changeover.
After the update, Binance said it would let users withdraw and deposit LUNC tokens again on its platform after it determined the Terra network was stable. During platform updates and hard forks, Binance has notably maintained a culture of supporting assets listed on the exchange.
Another proof of its effort was realized on September 1 through the Cardano hard fork. With the Chang update, the Cardano ecosystem moved to the Voltaire period, which is governed by the community.
This support comes after a recent announcement by the crypto exchange revealing. The exchange announce it is adding three new meme coins to its platform – Neiro, Turbo, and Baby Doge Coin.
Terra Classic v3.1.5 Upgrade Includes Automated Tax Calculation.
However, the Terra Classic ecosystem will use an automatic tax computation mechanism starting with the v3.1.5 update on Wednesday. The update is scheduled to become live at block height 19850000 on Terra’s StakeBin platform by 11:27 AM (UTC).
The update in Tax2Gas seeks to enhance the method for dealing with the taxes existing in the LUNC ecosystem. The genuine Labs’ Tax2Gas proposal passed with more than 67% of validators and delegators voting in the affirmative.
Moreover, to close this gap, this update ensures the tax processing integrates with the transaction gas fees. This would reduce the computation that humans do. The module integrates the tax computation into the gas fees to simplify validations and make it easier for both the validators and user interfaces.
A major feature of the module will be the identification and tracking of gas in 22 units, while fees will only be charged if the transaction is successful.
Following the upgrade, the Terra Luna Classic community has unveiled a substantial suggestion aimed at a critical repair. It would fix an earlier upgrading bug that may have a big effect on the Terra ecosystem going forward.
The main goal of the most recent Terra proposal, Proposal 12133, is to adjust the maximum number of validators permitted on the network. During the last update, an SDK release unintentionally altered this number.
Additionally, the latest upgrade attempts to resolve this issue by raising the maximum number of validators to 110 to ensure the stability of the ecosystem. Moreover, LUNC price stayed mostly unchanged. It had increased by less than 1% in the previous day to $0.00008122 at the time of writing.
