One of the core developers for Terra Luna Classic, Genuine Labs has confirmed the completion of the long-awaited Tax2Gas redefinition upgrade. In a recent update, the team said that after some internal skirmishes, the upgrade is good to go on testing on the rebel testnet.
They stressed that the ultimate release on the mainnet would come only after being positive that the product is able to perform under all the required operating conditions.
A good number of improvements are likely to be derived from the Tax2Gas upgrade of the network, especially in terms of the gas fee calculation.
The upgrade is viewed as preparing the ground for effective recovery processes and the future growth of the Terra Luna Classic. As tests are going on, they will continue collaborating with the community for all information to be available and to prevent false notifications.
Internal Conflicts Resolved, Focus Back on Development
For the past couple of weeks, Genuine Labs has experienced a quiet spell mostly due to internal matters such as intimidation, bullying, and the need for accountability among the members of the company. Such disagreements hampered the advancement of the project and this caused a lot of worries in the community of LUNC.
Nonetheless, the team calmed the community stating that these issues have been managed and that a workable agreement has been achieved.
With the internal issues handled, the developers have now turned their attention to effective implementation of the upgrade. They urged the community to rely only on the official channels as any kind of misinformation is to be avoided.
Work is still progressing on the rebel testnet, and the team has pledged that the upgrade will not be carried out until there is satisfaction with it.
LUNC Price Trends and Community Support
The announcement of the Tax2 gas upgrade comes at the right point in the lifecycle of the Terra Luna classic ecosystem, which has been grappling with issues of trying to have its momentum regain lost ground.
Despite ongoing measures such as regular LUNC burns by Binance, the price of this token has continued to be weak.
Binance has continued to be a huge backbone of the Terra Luna Classic community in LUNC token burning regularly. In the latest transaction as a part of such monthly burn, 1.2 billion tokens were burnt which brought almost 6 million LUNC in tax revenue. This marked the 25th batch and was part of the efforts by Binance to stabilize the value of LUNC tokens.
Many members of the LUNC community think that the introduction of Tax2Gas will be the remarkable turnaround that the platform has been waiting for.
The upgrade removes the necessity for manual procedures and the possibility of tax-related calculations for software developers. Should this testing phase be accomplished, it can also serve as a foundation for more features of the ecosystem that might assist in propelling the price of LUNC.
LUNC’s Price Movement and Technical Outlook
At the present, the LUNC price line stands at approximately $0.000077 while there has been little fluctuation in the price. Technical analysis of the token indicates that it is fast approaching the level of $0.0001 which is a crucial resistance zone. Below this price level, it is considered that LUNC is going to reverse for potentially a substantial price movement.
The chart patterns also show a double bottom formation which often marks a bullish trend reversal. On the other hand, the low levels of trading volumes indicate that traders are risk-averse.
Traders are on alert for a definitive breakout above the resistance level, which will change the direction of price movement.
Unless LUNC moves past the resistance level of $0.0001, it may fall to the support level at $0.000060 which is quite close.
As the testing of the Tax2Gas upgrade continues, many traders will likely remain on the sidelines until more clarity is provided on the upgrade’s impact on the ecosystem.
