As a researcher with a background in blockchain technology and experience in following the Terra Luna Classic (LUNC) ecosystem, I’m excited about the recent development updates that could potentially improve long-term staking rewards for LUNC holders. The completion of Oracle Split logic by popular developer Till Z, also known as Fragwuerdig, is a significant step towards optimizing the distribution of community pool rewards.
The Terra Luna Classic developer has finished creating Oracle Split logic, enabling community pool rewards to shift from tax burn to the Oracle Pool (OP), thereby enhancing long-term staking incentives. Additionally, a plan for an update to the Terrad client with a new version is underway. Testing on the testnet is ongoing before the anticipated launch on July 26.
Terra Luna Classic Tax Burn Distribution Update
Release v3.1.0 was announced by Terra Classic popular developer Till Z, known as Fragwuerdig, as per proposals 12098 and 12114 passed by the community. A proposal will be submitted to get validator and community approval to update terrad client to v3.1.0. The chain will halt at block height 19060800, anticipated on July 26 at 6:30 am UTC.
As a researcher, I would recommend that validators and infrastructure providers take the necessary steps to prepare for the upcoming v3.1.0 release. Validators should update their software after the chain halt, while infrastructure providers using mantlemint accelerated LCDs need to install the latest mantlemint version. We are planning to conduct a rehearsal upgrade on the rebel-2 testnet on July 11.
As a researcher investigating Terra Luna Classic’s tokenomics, I can explain that currently, every transaction incurs a tax of 0.5%. Out of this tax, 80% is allocated for burning, aiming to reduce the circulating supply. The remaining 20% is then distributed: 10% goes to the Community Pool and another 10% is set aside for rewards. Following an update, however, the distribution of the 20% changes. Instead, 10% continues to be allocated for the Community Pool, but now an additional 10% is added to the Oracle pool.
Experts predict that this change will affect the instant block rewards for LUNC token holders initially. However, it is expected to enhance the emphasis on prospective staking rewards in the long run, leading to better improvements for LUNC staking (Oracle). Furthermore, this adjustment will benefit validators, although it may reduce their Annual Percentage Rates (APRs) by roughly 0.5%, depending on current on-chain transaction volumes.
The ratio of Luna Classic tokens being staked has climbed up to approximately 15.09%, which is close to its all-time high of 15.16%. Members of the Terra Classic community anticipate that this staking ratio could potentially reach as high as 20%.
LUNC Futures Open Interest Soars 20%
Based on Coingecko’s data, the total open interest for LUNC futures has experienced a notable increase of approximately 20% within the past 24 hours. However, there has been a slight decrease in the past few hours. Notably, significant buying activity is occurring on cryptocurrency exchanges Bitget, resulting in a substantial surge of 45.96% for Terra Classic futures open interest. In contrast, the open interest for 1000 LUNC futures has decreased by 1% over the same timeframe.
As a researcher studying the cryptocurrency market, I’ve observed that LUNC experienced a 1% price increase within the past 24 hours, with its current value being $0.00007099. The lowest and highest prices during this period were recorded at $0.00006956 and $0.0000724, respectively. Furthermore, there’s been a significant surge in trading volume by approximately 40% over the last 24 hours, suggesting heightened investor interest in LUNC.
At the same time, USTC’s price decreased by 5% to reach $0.0184. The volume of trades in the last 24 hours only dropped by 2%. Traders took advantage of the dip and increased their buying activity.
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2024-07-10 20:22