- The core developer of Terra Luna Classic has completed the Tax2Gas upgrade, which automates burn tax calculations for dApps, though final testing is still underway.
- Despite the upgrade’s progress, LUNC and USTC prices are under market pressure, with recent declines and cautious trading behavior.
Terra Luna Classic’s core developer has successfully completed the main work on the Tax2Gas upgrade, with ongoing testing before the final release. The upgrade aims to automate burn tax calculations, simplifying the management of decentralized applications (dApps) on the network.
Tax2Gas Aims to Streamline Burn Tax Process for Developers
The Terra Luna Classic core development team is gearing up for a significant network upgrade known as Tax2Gas. This upgrade is anticipated to enhance the blockchain’s functionality and could potentially influence the price of LUNC. Although the development team has completed the upgrade, the testing phase is still underway on the rebel testnet.
Recently, Genuine Labs, an L1 developer for Terra Luna Classic, addressed community concerns regarding the delayed launch of Tax2Gas. The team acknowledged internal challenges, including rivalry, intimidation, harassment, and poorly defined roles, which contributed to the delay. Genuine Labs has assured that these issues have been resolved, allowing the team to focus on the upgrade.
In an official statement, the developer clarified that any information not coming from Genuine Labs or LUNCLIVE should be considered unreliable. This was a response to the mixed information circulating within the community, aiming to establish Genuine Labs and LUNCLIVE as the sole official sources of information.
The Tax2Gas upgrade is poised to be a game-changer for Terra Luna Classic. It aims to address the current challenge where contract developers must manually determine the burn tax. This upgrade will automate the process, easing the burden on dApp developers. Presently, developers use a simulation endpoint to get gas estimates and manually include tax calculations, which can complicate the auditing process.
With the Tax2Gas upgrade, transitioning audited dApps to Terra Classic will become smoother without needing to redo audits for Terra Classic-specific changes. However, the developers have not provided a specific timeline for the upgrade, as testing on the rebel testnet will continue until the desired results are achieved.
LUNC and USTC Prices Face Market Pressure
As the community anticipates the Tax2Gas upgrade, Terra Luna Classic tokens are experiencing market pressure. LUNC, the native token, has declined by 3% in the last 24 hours and has dropped 5% over the past week. Currently, LUNC is trading at $0.00007537, with a daily low of $0.00007482 and a high of $0.000077. Additionally, trading volume has decreased by 20% in the same period, indicating a more cautious market approach.
USTC, Terra Classic’s stablecoin, has also seen a price drop, falling by 3% in the last 24 hours to $0.01539. Trading volume for USTC decreased by 6% during this time, reflecting a subdued response from traders amidst a broader market downturn.
Despite these trends, Coinglass data shows that LUNC’s future open interest has risen by 2% in the last hour, suggesting some market optimism. Conversely, USTC’s future open interest fell by 3% over the past week, indicating increased caution among market participants.
As the testing phase of the Tax2Gas upgrade continues, the Terra Luna Classic community remains hopeful for a positive impact on the prices of LUNC and USTC once the upgrade is fully implemented.
