As a seasoned crypto investor with a knack for navigating the volatile world of digital assets, I must say the latest developments regarding Terra Luna Classic (LUNC) have piqued my interest. The completion of Tax2Gas, a much-anticipated upgrade, is indeed promising news. However, as someone who has learned the hard way that timelines in crypto can be as fluid as molasses, I’m taking a cautious approach.
Terra Luna Classic Update: Over the weekend, a key Terra Luna Classic developer announced the completion of work on Tax2Gas, an upcoming significant update anticipated to enhance network performance and potentially increase the value of LUNC. However, the exact launch date remains uncertain until testing on the testnet is satisfactorily completed.
Terra Luna Classic’s Biggest Upgrade Tax2Gas Draws Near
Speaking more casually, Terra Classic’s main developer, Genuine Labs, finally spoke up after the community raised concerns about the delay in the upgrade. They explained that they had dealt with some internal team issues, which included threats, harassment, and a lack of accountability.
The main phase of Tax2gas project has been wrapped up. Now, our team will concentrate on conducting tests within the retest network until we are fully content. This is aimed at enhancing the Terra Luna Classic blockchain with a more effective update.
“Genuine Labs wants to clarify that any information not originating from them or LUNCLIVE should be viewed as misleading and not representative of statements made by Genuine Labs. To date, they have had no contact with any other person or entity.”
According to CoinGape’s earlier report, the Tax2Gas upgrade is significant because it addresses challenges like manual calculation of the burn tax by contract developers. Currently, clients or decentralized applications (dApps) must calculate the tax themselves as the simulation endpoint only offers gas estimates. This becomes problematic when moving audited dApps due to specific adjustments related to Classic, potentially requiring re-audits. In simpler terms, the Tax2Gas upgrade simplifies the process by automatically calculating the burn tax, making it easier to migrate and audit dApps.
Can LUNC and USTC Prices Rebound?
Despite the recent significant news about Terra Luna Classic, the ecosystem’s tokens are currently being traded below their support level. This is happening despite the opening of the Shuttle Bridge by Terraform Labs and the plan to burn millions of tokens from wallets associated with the company and the Luna Foundation Guard.
LUNC price fell 2% in the last 24 hours and 9% in a week, with the price currently trading at $0.00007537. The 24-hour low and high are $0.00007482 and $0.000077, respectively. The trading volume has also decreased further by 20% in the last 24 hours.
Today’s Coinglass data suggests a blend of buying and selling activities involving LUNC, with a particular focus on 1000 units of LUNC. Additionally, within the space of an hour, the total open interest for LUNC futures contracts experienced a 2% increase.
Currently, the price of USTC is at $0.01537 and has decreased by 3% over the past day. Over the same period, trading volume experienced a 6% decrease. Additionally, there was a 3% reduction in total USTC futures open interest within the last 24 hours.
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2024-09-06 11:34