Terra Luna Classic Set for Significant v3.0.1 Upgrade
As previously reported by Crypto News Flash, Terra Luna Classic will undergo a major upgrade on June 2, 2024. This upgrade is set to occur at a block height of 18,303,000 and has received massive support from the community and the validators.
Validators like Orion, Interstellar Lounge, and StakeBin will replace the old binary with the new one. This improves the chain’s performance, reliability, and protection. The upgrade seeks to enhance the functionality of the Terra Luna Classic network while making it more efficient and robust.
Lunc, USTC Price and Market Sentiment
Despite Proposal 12105’s rejection, the LUNC price decreased by 5% in the past 24 hours. LUNC is currently trading at $0.0001105. In addition, trading volume also declined by 7%, which shows that more traders participated in trading.
At the same time, the former stablecoin, USTC, has retained its price at $0.02179 after a 4% drop. The highest and lowest prices for USTC in the last 24 hours were $0.02377 and $0.02152, respectively.
As previously reported by Crypto News Flash, Terra Luna Classic will undergo a major upgrade on June 2, 2024. This upgrade is set to occur at a block height of 18,303,000 and has received massive support from the community and the validators.
Validators like Orion, Interstellar Lounge, and StakeBin will replace the old binary with the new one. This improves the chain’s performance, reliability, and protection. The upgrade seeks to enhance the functionality of the Terra Luna Classic network while making it more efficient and robust.
Lunc, USTC Price and Market Sentiment
Despite Proposal 12105’s rejection, the LUNC price decreased by 5% in the past 24 hours. LUNC is currently trading at $0.0001105. In addition, trading volume also declined by 7%, which shows that more traders participated in trading.
At the same time, the former stablecoin, USTC, has retained its price at $0.02179 after a 4% drop. The highest and lowest prices for USTC in the last 24 hours were $0.02377 and $0.02152, respectively.
Coin exchange rate
$BTC 69026.04 USD (+0.28%) 🟢$LUNC 0.00011715 USD (-1.24%) 🔴$LUNA 0.65141643 USD (-0.51%) 🔴The Terra Luna Classic community has overwhelmingly supported the Genuine Labs Community Spend Proposal. On June 3, 2024, the proposal achieved a 99.98% approval rate, with virtually no opposition. This vote is expected to significantly influence the future trajectory of the Terra Luna Classic network.
High Voter Turnout Boosts Terra Luna Projects
The community’s approval of the proposal to allocate 256,410,256 LUNC for development projects marks a pivotal moment for Terra Luna Classic. This fund is designated to foster innovation and sustainability within the ecosystem. The voter turnout was notably high, with 84.2 billion votes cast, representing a substantial portion of the total voting power. This robust participation underscores the community’s strong interest and confidence in Genuine Labs’ strategic direction for the platform.
Moreover, this near-unanimous decision reflects a collective optimism toward enhancing the network’s capabilities. The community’s backing is a nod to potential growth and a commitment to the platform’s long-term viability. Such support is crucial as it empowers developers to undertake projects that can introduce new functionalities and improve the overall ecosystem.
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Contrastingly, the TerraLunaClassic community recently rejected Proposal 12105, which aimed to increase the LUNC burn tax. The proposal was criticized for needing a concrete plan and rationality in its implementation. Critics deemed it a “lazy effort” because it was merely a text proposal without the means to effect immediate change. As a result, it only garnered 21.35% approval, with 32% outright opposition and 38% voting “No with a veto,” indicating a strong desire to prevent its passage.
This rejection highlights the community’s demand for well-thought-out strategies rather than quick fixes. The community’s discerning approach to governance is evident as they seek proposals that offer clear, actionable solutions rather than temporary measures.
Following the recent community vote, LUNA, Terra Luna’s native token, saw a price increase of 1.68%, with its current trading price at $0.6547. However, the 24-hour trading volume decreased by 24.35%, suggesting a potential continuation of the current bearish market trend. This shift in market dynamics indicates that the community’s decision has positively impacted the token’s price.
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The world’s largest crypto exchange Binance on Saturday burned 1.35 billion Terra Luna Classic tokens in the 22nd batch of its LUNC burn mechanism, continuing its support to the Terra Classic community.
Binance’s total LUNC burn to date has now surpassed 60 billion, accounting for more than 52% of the total LUNC burned by the Terra Luna Classic community.
Binance Sends 1.35 Billion Terra Luna Classic To Burn Address
Crypto exchange Binance sent 1.35 billion Terra Luna Classic (LUNC) tokens to the burn address, as per the LUNC burn transaction on June 1.
The 22nd batch of the LUNC burn mechanism Binance burned a significant amount of trading fees for the period between April 30 to May 30. Binance has now burned nearly 60.42 billion Terra Luna Classic (LUNC) tokens from trading fees on LUNC spot and margin trading pairs.
Meanwhile, the net burn by the Terra Luna Classic community has now surpassed 116 billion LUNC.
Last month, Binance burned 1.4 billion Terra Luna Classic (LUNC) tokens. The exchange burned 1.40 billion in trading fees on LUNC spot and margin trading pairs worth $156,362 as trading volumes fell significantly in April. A similar decline in trading volumes was recorded in early May. However, trading volumes reversed higher in the last few weeks of May, with prices mostly traded sideways near $0.00012.
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Coin exchange rate
$BTC 71206.065 USD (+3.21%) 🟢$LUNC 0.00012044 USD (+2.82%) 🟢$LUNA 0.65198350 USD (+0.1%) 🟢Coin exchange rate
$BTC 71023.226 USD (-0.3%) 🔴$LUNC 0.00011906 USD (-1.14%) 🔴$LUNA 0.65764343 USD (+0.87%) 🟢Terra Luna Classic Core Developer Submits Major Proposal, LUNC Price to $1?
Terra Luna Classic developer Genuine Labs proposes to become the official core developer of the Terra Classic chain. The developer group believes the chain needs a team for code reviewing, PR merging, and maintenance and it has become critical after the JL1TF was disbanded.
While the community appreciates the efforts of the developer team, some popular members have raised concerns of communication issues, and availability of the team.
Genuine Labs Proposes To Manage Terra Luna Classic Repository
Genuine Labs, a team of three developers, submits a proposal to become the maintaining team of classic-terra/core repository. The core repository is currently managed by the community and different groups of developers.
“Since JL1TF team was disbanded, the need of having a team to help on code reviewing, PR merging and maintenance for the chain has become more and more essential,” said a senior developer known as ‘expertdicer’.
All three Genuine Labs’ team members have undergone the required KYC processes via solidproof. They believe regular maintenance updates are required for the Terra Luna Classic blockchain.
As per the proposal, their work entails:
- Code review, PR merging and repository maintenance.
- Integrate new features with e2e-test and interchain-test.
- Cover security patch for cosmos-sdk, ibc-go, comet-bft and wasmd.
- Other technical support
- Online and giving support when chain upgrade
The team pledges to release a note consisting of details on work progress, plans, other logs, while maintaining transparency with the community.
Genuine Labs sets $10,000 per month costs in LUNC for maintenance and above-mentioned tasks. The team will still continue to work as per PPJ to propose other tasks such as upgrades, which are not related to maintenance service.
Terra Luna Classic developer Genuine Labs proposes to become the official core developer of the Terra Classic chain. The developer group believes the chain needs a team for code reviewing, PR merging, and maintenance and it has become critical after the JL1TF was disbanded.
While the community appreciates the efforts of the developer team, some popular members have raised concerns of communication issues, and availability of the team.
Genuine Labs Proposes To Manage Terra Luna Classic Repository
Genuine Labs, a team of three developers, submits a proposal to become the maintaining team of classic-terra/core repository. The core repository is currently managed by the community and different groups of developers.
“Since JL1TF team was disbanded, the need of having a team to help on code reviewing, PR merging and maintenance for the chain has become more and more essential,” said a senior developer known as ‘expertdicer’.
All three Genuine Labs’ team members have undergone the required KYC processes via solidproof. They believe regular maintenance updates are required for the Terra Luna Classic blockchain.
As per the proposal, their work entails:
- Code review, PR merging and repository maintenance.
- Integrate new features with e2e-test and interchain-test.
- Cover security patch for cosmos-sdk, ibc-go, comet-bft and wasmd.
- Other technical support
- Online and giving support when chain upgrade
The team pledges to release a note consisting of details on work progress, plans, other logs, while maintaining transparency with the community.
Genuine Labs sets $10,000 per month costs in LUNC for maintenance and above-mentioned tasks. The team will still continue to work as per PPJ to propose other tasks such as upgrades, which are not related to maintenance service.
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Coin exchange rate
$BTC 71066.304 USD (+0.06%) 🟢$LUNC 0.00012249 USD (+2.88%) 🟢$LUNA 0.65801392 USD (+0.06%) 🟢Can LUNC Price Hit $1?
With the Binance burn, recent upgrades and upcoming upgrades such as Cosmos SDK 0.50, increasing utility, settlement between SEC and Terraform Labs and co-founder Do Kwon, LUNC price can start moving toward $1. However, it should first cross the $0.0005 resistance level.
CoinGape Markets’ analysis signals a likely 65% rally in LUNC price after a breakout of the rectangle pattern with support at $0.00012. The LUNC price is currently in consolidation and a ‘golden cross’ is expected in June, beginning a massive upside in LUNC.
LUNC price has pared a 200% rally this year to a mere 50% and a breakout with bullish pattern expected to hit $0.0005 target price. The price currently trades at $0.0001189, below key support zone.
With the Binance burn, recent upgrades and upcoming upgrades such as Cosmos SDK 0.50, increasing utility, settlement between SEC and Terraform Labs and co-founder Do Kwon, LUNC price can start moving toward $1. However, it should first cross the $0.0005 resistance level.
CoinGape Markets’ analysis signals a likely 65% rally in LUNC price after a breakout of the rectangle pattern with support at $0.00012. The LUNC price is currently in consolidation and a ‘golden cross’ is expected in June, beginning a massive upside in LUNC.
LUNC price has pared a 200% rally this year to a mere 50% and a breakout with bullish pattern expected to hit $0.0005 target price. The price currently trades at $0.0001189, below key support zone.
Terra Luna Classic Set To Implement Tax2Gas and End LUNC Burn Tax?
Terra Luna Classic developer group Genuine Labs proposes to go ahead with the Tax2Gas implementation, removing the need for separate handling and calculation of tax. The move comes in response to the Tax2Gas approach for Terra Classic chain suggested earlier by popular developer StrathCole and Genuine Labs.
Tax2Gas will incorporate the tax into the gas and remove the need for separate handling and calculation. The proposal aimed to increase the on-chain tax rate to 1.5%, which brings back to the original 1.2% burn tax, with 0.3% to fund the chain by the current on-chain 80/20% tax split.
Terra Luna Classic developer group Genuine Labs proposes to go ahead with the Tax2Gas implementation, removing the need for separate handling and calculation of tax. The move comes in response to the Tax2Gas approach for Terra Classic chain suggested earlier by popular developer StrathCole and Genuine Labs.
Tax2Gas will incorporate the tax into the gas and remove the need for separate handling and calculation. The proposal aimed to increase the on-chain tax rate to 1.5%, which brings back to the original 1.2% burn tax, with 0.3% to fund the chain by the current on-chain 80/20% tax split.
Coin exchange rate
$BTC 69493.393 USD (-2.21%) 🔴$LUNC 0.00010977 USD (-10.39%) 🔴$LUNA 0.58448306 USD (-11.18%) 🔴Terra Luna Classic community employed burn tax to transactions in 2022. However, there have been several issues noticed with the burn tax.
Contract developers need to calculate the tax manually and adjust the amount for it.
Clients, or dApps, have to calculate the tax themselves, as the simulation endpoint only provides gas estimates.
Migrating audited dApps becomes cumbersome due to these Classic-specific adjustments, leading to potential re-audits.
Genuine Labs added that Tax2gas can tackle the current problems related to burn tax, presenting a simple and efficient approach. It will also prevent attacks on Terra Luna Classic using e2e-test.
Developers require 5 weeks for research, development, and basic testing and deployment. The estimated total budget is $25,000 in LUNC. The developers will submit spend proposals during the first weeks of the implementation phase and after successfully completing outlined tests.
Terra Classic currently has a burn tax set to 0.5%. Out of this, 80% is for burn and 20% is distributed as 10% to Community Pool and 10% to Oracle pool.
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LUNC price jumped 2% in the last 24 hours amid positive sentiment, with the price currently trading at $0.0001187. The 24-hour low and high are $0.0001166 and $0.0001208, respectively. Moreover, trading volume increased slightly in the last 24 hours, indicating interest among traders.
Meanwhile, USTC price climbed more than 3%, with the price changing hands at $0.02378. The price rallied more than 22% in a week. The 24-hour trading volume saw a 52% rise in the last 24 hours.
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Coin exchange rate
$BTC 69291.35 USD (-0.31%) 🔴$LUNC 0.00010586 USD (-3.56%) 🔴$LUNA 0.56319816 USD (-3.6%) 🔴The Terra Luna Classic community has spoken, and its message is clear: strategic, well-planned proposals are the path forward. On June 3, 2024, the community voted for the Genuine Labs Community Spend Proposal, and the results were favoring the proposal with 99.98% of the vote. This is quite the opposite of their previous rejection of Proposal 12105, which aimed to raise the LUNC burn tax with no strategy.
Community Invests in Innovation
The recent proposal made by Genuine Labs to allocate 256,410,256 LUNC towards development projects is a new frontier for Terra Luna Classic. This fund will encourage innovation and sustainability in the ecosystem. The community’s near-unanimous approval reflects a collective optimism about enhancing the network’s capabilities.
The voter turnout was relatively high, with 84. 2 billion votes tallied. This high turnout shows that the community is very interested in Genuine Labs’ direction. With large investments, they allow developers to add new features and improve the system in general.
The community’s backing is a powerful endorsement of potential growth and long-term viability. It signals to developers and investors that Terra Luna Classic is actively shaping its future, not just clinging to its past. This support could bring about more talents and resources to fast-track the platform’s development.
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On the other hand, the Terra Luna Classic community recently voted against Proposal 12105. This proposal raised the burn tax of LUNC, but there was no clear strategy. Others criticized it as a “lazy effort” because it was only a text proposal that did not offer ways to implement changes shortly, as reported by Crypto News Flash.
The community was quick to act in this regard. Only 21. 35% supported the proposal, while 32% were against it. More significantly, 38% of the respondents chose the ‘No with veto’ option, signifying their opposition to its implementation. This rejection shows the community’s insistence on proper planning rather than trial and error approaches. Their discerning approach to governance is clear. They seek proposals offering clear, actionable solutions rather than temporary measures.
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Coin exchange rate
$BTC 69295.656 USD (+0.01%) 🟢$LUNC 0.00010570 USD (-0.15%) 🔴$LUNA 0.55977703 USD (-0.61%) 🔴The strategic decisions made by the community have impacted the performance of LUNA in the market. After these votes, Terra Luna’s native token experienced a price drop of 1.68%, trading at $0.0001168. Also, the 24-hour trading volume rose by 10%. This increase indicates that the market has a favorable perception of the community’s actions, especially given that they are supporting development projects.
This news comes when Binance, the world’s largest cryptocurrency exchange, recently stood by the Terra Classic community. On May 1st, 2024, Binance completed the 22nd LUNC burn, where a massive 1. 35 billion tokens were removed from circulation. This move takes Binance’s total burned tokens to over 60 billion, which translates to nearly 52% of all LUNC burned by the entire Terra Classic community. The exchange’s commitment to transparency shines through its detailed burn process. Binance identifies the specific burn address where the 1.35 billion tokens were sent.
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Coin exchange rate
$BTC 67525.479 USD (-2.57%) 🔴$LUNC 0.00010377 USD (-1.83%) 🔴$LUNA 0.55413620 USD (-1.01%) 🔴