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- The lead developer of Terra Luna Classic has completed major work on the Tax2Gas update, with testing ongoing prior to final release.
- The update will automate burndown tax calculations, making it easier for developers to manage dApps on the network.
The Terra Luna Classic core development team is preparing for a major upgrade to the network, Tax2Gas, which is expected to improve the functionality of the blockchain and potentially impact LUNC pricing. Although the development team has completed work on the upgrade, the testing process for the upgrade is still ongoing on the rebel test network for
Recently, Genuine Labs, L1 developer of Terra Luna Classic, responded to community questions about the delay in the release of Tax2Gas. The team admitted that they had some problems within the team, such as rivalries within the group. These problems consisted of bullying, harassment, and roles that were not well defined, and were said to have contributed to the delay. However, Genuine Labs has stated that these issues have now been fixed and the team can now work on the update.
The developer has also released a statement saying that any information that does not come from Genuine Labs or LUNCLIVE should be considered unreliable. This is because the community has received conflicting information from different sources, and the development team wanted to set the record straight as the only official source of information.
Tax2Gas aims to streamline the burn tax process for developers
The Tax2Gas update planned for the near future is expected to be a game-changer for Terra Luna Classic. One of the key issues it aims to address is the problem currently faced by contract developers, who have to determine the burn tax themselves.
The update is expected to automate this process and bring relief to dApps customers and developers. Currently, the simulation endpoint provides developers with gas estimates, and they have to manually include tax calculations, which can be problematic during the audit process.
The Tax2Gas update will help this process by providing a way to transition audited dApps to Terra Classic without the need to redo the audits for Terra Classic-specific changes. However, the developers have not specified the exact timing of the upgrade, noting that testing on the rebel test network will continue until the desired result is achieved.
LUNC and USTC pricing faces market pressure
As the community awaits Terra Luna Classic’s Tax2Gas upgrade, tokens remain under pressure in the market. LUNC, the native token, is down 3% in the last 24 hours and has lost 5% on the week. Currently, LUNC is trading at $0.00007537, with a daily low of $0.00007482 and a high of $0.000077. In addition, trading volume is down 20% over the same period, indicating a more cautious approach to the market.
USTC, Terra Classic’s stablecoin, has also experienced a drop, with its price down 3% in the last 24 hours to $0.01539. Trading volume for USTC declined 6% during this time, indicating a subdued reaction from traders amid the overall market decline.
However, Coinglass data reveals that the trend is not quite bullish, as LUNC’s future open interest has increased 2% in the past hour. In contrast, USTC’s future open interest fell 3% in the last week, suggesting that market participants are becoming more cautious.
