Proposed Tax Hike Triples Burn Rate
If the burn tax is increased to the level of 1.5%, then the burn tax allocation will increase from 0.4% to 1.2%. This adjustment would effectively triple the contribution rates to both the community pool and the oracle pool. The rise in the burning tax is expected to quicken the pace of burning LUNC and USTC tokens, as well as increase funding for the community pool and the oracle pool, which supports long-term staking rewards.
According to Validator JesusisLord, this will result in a significant upswing in the rate of token burn, thus boosting the financial backing for community projects and the staking rewards. However, this proposal will go to the governance voting only if the Tax2Gas mechanism can be successfully deployed on-chain. The core developer of Tax2Gas Genuine Labs has estimated that the software will be up and running by August.
If the burn tax is increased to the level of 1.5%, then the burn tax allocation will increase from 0.4% to 1.2%. This adjustment would effectively triple the contribution rates to both the community pool and the oracle pool. The rise in the burning tax is expected to quicken the pace of burning LUNC and USTC tokens, as well as increase funding for the community pool and the oracle pool, which supports long-term staking rewards.
According to Validator JesusisLord, this will result in a significant upswing in the rate of token burn, thus boosting the financial backing for community projects and the staking rewards. However, this proposal will go to the governance voting only if the Tax2Gas mechanism can be successfully deployed on-chain. The core developer of Tax2Gas Genuine Labs has estimated that the software will be up and running by August.
LUNC and USTC Prices React to Burn Tax Proposal
The public has been divided on the burn tax proposal. The price of LUNC declined by 3% in the last 24 hours and was trading at $0.00008043. The lowest and highest prices for this period were $0. 0000807 and $0. 0000843, respectively. Also, trading volume has declined by 21% in the last one day.
Also, USTC fluctuated and reduced its price by 3.72%, and it traded at $0. 01894. USTC was trading at $0. 01878 at its lowest and $0. 01985 at its highest within the 24-hour period, with trading volume decreasing by 6% in the same period.
The community’s opinions on the possible advantages and disadvantages of raising the burn tax rate are still split. There are fears that large exchanges like Binance may halt the LUNC burn mechanism if the tax rate is raised. This has created some controversy over the proposal, as the potential benefits of a higher burn tax are considered against the potential decline in exchange support. As the discussion goes on, the Terra Luna Classic community is still paying attention to the changes made regarding Tax2Gas and the change in the burn tax proposal.
The public has been divided on the burn tax proposal. The price of LUNC declined by 3% in the last 24 hours and was trading at $0.00008043. The lowest and highest prices for this period were $0. 0000807 and $0. 0000843, respectively. Also, trading volume has declined by 21% in the last one day.
Also, USTC fluctuated and reduced its price by 3.72%, and it traded at $0. 01894. USTC was trading at $0. 01878 at its lowest and $0. 01985 at its highest within the 24-hour period, with trading volume decreasing by 6% in the same period.
The community’s opinions on the possible advantages and disadvantages of raising the burn tax rate are still split. There are fears that large exchanges like Binance may halt the LUNC burn mechanism if the tax rate is raised. This has created some controversy over the proposal, as the potential benefits of a higher burn tax are considered against the potential decline in exchange support. As the discussion goes on, the Terra Luna Classic community is still paying attention to the changes made regarding Tax2Gas and the change in the burn tax proposal.
Coin exchange rate
$BTC 52797.714 USD (-12.42%) 🔴$LUNC 0.00006098 USD (-13.34%) 🔴$LUNA 0.27663840 USD (-16.54%) 🔴LUNC News: Terra Classic Not Impacted By Terra Hack, Here’s Why
Terra, which is a Phoenix-1 blockchain, suffered an exploit as they used an internal forked IBC-go 7.3 version that remained without an update since last year. In contrast, Terra Classic which also maintained inter-blockchain communication (IBC) dependency remained unaffected due to a major upgrade by core developer Genuine Labs months ago.
Terra, which is a Phoenix-1 blockchain, suffered an exploit as they used an internal forked IBC-go 7.3 version that remained without an update since last year. In contrast, Terra Classic which also maintained inter-blockchain communication (IBC) dependency remained unaffected due to a major upgrade by core developer Genuine Labs months ago.
Terra Classic Avoided Security Exploit
Terra Classic, the original Terra blockchain by Terraform Labs, remained unaffected by a recent hack on Terra (Phoenix chain). An unidentified attacker exploited a vulnerability in a third-party module known as IBC hooks, used for cross-chain contract interactions and token transfers.
Terra Classic core developer Genuine Labs took to the X platform to reveal to the wider community that LUNC is not impacted by the hack.
“About the latest exploitation happened on Terra Money (phoenix-1), we are happy to announce that Terra Classic is not affected since we patched it back in May with our V3 upgrade,” said Genuine Labs.
LUNC also depends on inter-blockchain communication (IBC) protocols to interact and transfer tokens between other blockchains.
Ethan Buchman, co-founder of Cosmos, expressed disappointment with the latest Terra hack as the community already faces Terraform Labs bankruptcy. He said Terra was initially patched for vulnerability but seems to have accidentally reverted in their June upgrade.
Terra Classic, the original Terra blockchain by Terraform Labs, remained unaffected by a recent hack on Terra (Phoenix chain). An unidentified attacker exploited a vulnerability in a third-party module known as IBC hooks, used for cross-chain contract interactions and token transfers.
Terra Classic core developer Genuine Labs took to the X platform to reveal to the wider community that LUNC is not impacted by the hack.
“About the latest exploitation happened on Terra Money (phoenix-1), we are happy to announce that Terra Classic is not affected since we patched it back in May with our V3 upgrade,” said Genuine Labs.
LUNC also depends on inter-blockchain communication (IBC) protocols to interact and transfer tokens between other blockchains.
Ethan Buchman, co-founder of Cosmos, expressed disappointment with the latest Terra hack as the community already faces Terraform Labs bankruptcy. He said Terra was initially patched for vulnerability but seems to have accidentally reverted in their June upgrade.
Coin exchange rate
$BTC 56125.763 USD (+6.42%) 🟢$LUNC 0.00006733 USD (+10.37%) 🟢$LUNA 0.31502040 USD (+13.87%) 🟢Community Response and Security Measures
The Terra community has been vocal about the recent hack. A report noted the sadness over the ASTRO hack on Terra, highlighting that Terra was initially patched but accidentally reverted the fix in an upgrade.
Meanwhile, this lapse allowed the exploit to occur. The use of a forked version of IBC made it difficult to stay up-to-date with security patches. This incident calls for an ecosystem-wide effort to minimize forks and ensure timely updates.
A report detailed that Terra (Phoenix chain) was exploited because they used an outdated fork of ibc-go 7.3.x, last updated in September 2023. This version missed the critical exploit patch uncovered in April 2024.
Following the hack, Terra upgraded to ibc-go >7.4.1 to address the vulnerability. A user pointed out that LUNC also maintains an internal IBC-go dependency but avoided the security exploit due to a significant upgrade led by Genuine Labs in May 2024, which included a patch to v7.4.0.
The Terra community has been vocal about the recent hack. A report noted the sadness over the ASTRO hack on Terra, highlighting that Terra was initially patched but accidentally reverted the fix in an upgrade.
Meanwhile, this lapse allowed the exploit to occur. The use of a forked version of IBC made it difficult to stay up-to-date with security patches. This incident calls for an ecosystem-wide effort to minimize forks and ensure timely updates.
A report detailed that Terra (Phoenix chain) was exploited because they used an outdated fork of ibc-go 7.3.x, last updated in September 2023. This version missed the critical exploit patch uncovered in April 2024.
Following the hack, Terra upgraded to ibc-go >7.4.1 to address the vulnerability. A user pointed out that LUNC also maintains an internal IBC-go dependency but avoided the security exploit due to a significant upgrade led by Genuine Labs in May 2024, which included a patch to v7.4.0.
Coin exchange rate
$BTC 56953.074 USD (+1.47%) 🟢$LUNC 0.00006854 USD (+1.8%) 🟢$LUNA 0.31923605 USD (+1.34%) 🟢Terra Classic (LUNC) is exhibiting signs of potential stability despite recent turbulence in the broader cryptocurrency market. Overall, LUNC has eroded almost 13.98% in the last week, data compiled at the time of writing shows. Subsequently, Bitcoin slipped from its all-time high of $70,000 to $66,000, which has led to increased bearishness within the market. High volatility has, in one way or another, affected many altcoins, including Terra Classic, which has extended to the fluctuating market.
However, contrary to this downturn, LUNC has proven to be quite ‘bullish.’ Over the past 30 days, it has slid a mere 1.26% down. Such relative stability gives hope that Terra Classic could weather well in the current standing market condition and maybe begin an upward move.
As of today, Terra Classic is valued at $0.0000736. Its 24-hour trading volume is $14.67 million, and its market capitalization is $400 million, with a market dominance of 0.02%. Over the past 24 hours, the price has decreased by 3.84%, reflecting the prevailing market conditions.
Please open Telegram to view this post
VIEW IN TELEGRAM
Crypto Analyst Predicts Bullish Move for Terra Classic
Javon Marks, a prominent crypto analyst, has made an optimistic prediction regarding Terra Classic (LUNC). In his forecast, Marks points to a bullish move for LUNC to rise in value in the near future, illustrating a regular bull divergence that is important in technical analysis. This indicator is usually considered to be a bullish reversal, which means that LUNC’s price may change its current direction from a downward one to an upward one.
Marks has set a target price of $0.00042986, which means a potential upside of more than 405% from the current price levels. This forecast gives an indication of an actualization that will be more than five-fold on the investment. In this case, Marks believes that it is possible to achieve this target, and this could occur in the near future, given the existing market conditions. Marks’ prediction is buoyed by recent market behavior, which shows LUNC holding steady with signs of a potential breakout.
Javon Marks, a prominent crypto analyst, has made an optimistic prediction regarding Terra Classic (LUNC). In his forecast, Marks points to a bullish move for LUNC to rise in value in the near future, illustrating a regular bull divergence that is important in technical analysis. This indicator is usually considered to be a bullish reversal, which means that LUNC’s price may change its current direction from a downward one to an upward one.
Marks has set a target price of $0.00042986, which means a potential upside of more than 405% from the current price levels. This forecast gives an indication of an actualization that will be more than five-fold on the investment. In this case, Marks believes that it is possible to achieve this target, and this could occur in the near future, given the existing market conditions. Marks’ prediction is buoyed by recent market behavior, which shows LUNC holding steady with signs of a potential breakout.
Coin exchange rate
$BTC 57213.132 USD (+0.46%) 🟢$LUNC 0.00006739 USD (-1.69%) 🔴$LUNA 0.31653111 USD (-0.88%) 🔴Binance Conducts Massive Token Burn to Reduce LUNC Supply
Although the market had a general bearish trend, the Terra Classic futures market presented bullish trends at the end of the week. The Coinglass data revealed a weekly change of +0.56 in LUNC futures open interest.
It is worth noting that Binance recently conducted a substantial burn of Terra Classic (LUNC) tokens on August 1, 2024. The exchange successfully burnt 1,149,430,203 tokens in a single transaction of LUNC tokens.
According to Luncmetrics, the tokens were transferred from the wallet address “terra18…24sqe” to a dead address, effectively reducing the total supply of LUNC.
Binance’s August burn contrasts with previous higher-volume burns. In June, the exchange incinerated 1.7 billion LUNC tokens, marking a significant increase from the August figure. The largest burn this year occurred on January 1, when Binance destroyed 5.5 billion LUNC tokens. A record burn of 8.8 billion tokens was achieved in March 2023.
Although the market had a general bearish trend, the Terra Classic futures market presented bullish trends at the end of the week. The Coinglass data revealed a weekly change of +0.56 in LUNC futures open interest.
It is worth noting that Binance recently conducted a substantial burn of Terra Classic (LUNC) tokens on August 1, 2024. The exchange successfully burnt 1,149,430,203 tokens in a single transaction of LUNC tokens.
According to Luncmetrics, the tokens were transferred from the wallet address “terra18…24sqe” to a dead address, effectively reducing the total supply of LUNC.
Binance’s August burn contrasts with previous higher-volume burns. In June, the exchange incinerated 1.7 billion LUNC tokens, marking a significant increase from the August figure. The largest burn this year occurred on January 1, when Binance destroyed 5.5 billion LUNC tokens. A record burn of 8.8 billion tokens was achieved in March 2023.
Terra LUNA Classic Votes On Major Tax2Gas Proposal, LUNC To $0.0001?
Terra LUNA Classic community votes on Tax2Gas proposal to streamline gas fees and tax conversions, while a recent analysis hints at LUNC rally to $0.0001.
The Terra LUNA Classic community is keeping a close track as Genuine Labs starts voting on the Tax2Gas proposal. The implementation primarily focuses on streamlining gas fees and tax conversions, which in turn could bump up the LUNC value. The proposal, which has already received immense support from the community, marks a critical development for the Terra LUNA Classic’s future.
Terra LUNA Classic community votes on Tax2Gas proposal to streamline gas fees and tax conversions, while a recent analysis hints at LUNC rally to $0.0001.
The Terra LUNA Classic community is keeping a close track as Genuine Labs starts voting on the Tax2Gas proposal. The implementation primarily focuses on streamlining gas fees and tax conversions, which in turn could bump up the LUNC value. The proposal, which has already received immense support from the community, marks a critical development for the Terra LUNA Classic’s future.
Coin exchange rate
$BTC 60837.671 USD (+6.32%) 🟢$LUNC 0.00007056 USD (+4.72%) 🟢$LUNA 0.32766419 USD (+3.48%) 🟢Terra LUNA Classic Community Votes On Tax2Gas Proposal
The Terra LUNA Classic community has submitted a voting proposal for implementing Tax2Gas in Genuine Labs’ approach. The proposal primarily aims to shift the existing fee logic to a new tax2gas module, which could potentially simplify the fee calculation and deduction process. Under this new system, taxes will be converted into gas at predefined gas prices, which will allow the users to pay gas fees using several denominations.
In addition, the multiple denominations would aid users’ flexibility, especially for those who do not have enough of a single denomination to cover the fees. Genuine Labs said that the community could vote to include other tokens in the future, rather than only LUNA or USTC, as gas payment options.
Meanwhile, another major shift includes making the sender responsible for all the taxes that a contract might forward. This process would ensure that the receivers do not face unexpected fees, which would simplify the transaction process. In addition, the proposal includes changes that would prioritize transactions in the mempool and logic to bypass certain IBC transactions to facilitate smoother operations.
The Terra LUNA Classic community has submitted a voting proposal for implementing Tax2Gas in Genuine Labs’ approach. The proposal primarily aims to shift the existing fee logic to a new tax2gas module, which could potentially simplify the fee calculation and deduction process. Under this new system, taxes will be converted into gas at predefined gas prices, which will allow the users to pay gas fees using several denominations.
In addition, the multiple denominations would aid users’ flexibility, especially for those who do not have enough of a single denomination to cover the fees. Genuine Labs said that the community could vote to include other tokens in the future, rather than only LUNA or USTC, as gas payment options.
Meanwhile, another major shift includes making the sender responsible for all the taxes that a contract might forward. This process would ensure that the receivers do not face unexpected fees, which would simplify the transaction process. In addition, the proposal includes changes that would prioritize transactions in the mempool and logic to bypass certain IBC transactions to facilitate smoother operations.
Voting Result & LUNC Performance
The Tax2Gas proposal has sparked diverse reactions within the Terra Classic community. While many support the changes, some validators have expressed concerns about the extra costs involved.
However, despite this, the proposal has received around 82% ‘yes’ votes, indicating strong community backing. Only 17% voted for no, and 0.8% cast their votes to “abstain” option. Notably, the outcome of this vote could have a significant impact on the Terra LUNA Classic ecosystem.
Meanwhile, the LUNC price was down nearly 5% today and exchanged hands at $0.000071, with its 24-hour trading volume declining 17% to $13.54 million. However, a recent analysis from CoinGape Media indicates that LUNC could potentially hit $0.0001 in the near future. The analysis highlighted several on-chain and technical trends, suggesting that Terra Classic could potentially note a major trend reversal to hit $0.0001.
The Tax2Gas proposal has sparked diverse reactions within the Terra Classic community. While many support the changes, some validators have expressed concerns about the extra costs involved.
However, despite this, the proposal has received around 82% ‘yes’ votes, indicating strong community backing. Only 17% voted for no, and 0.8% cast their votes to “abstain” option. Notably, the outcome of this vote could have a significant impact on the Terra LUNA Classic ecosystem.
Meanwhile, the LUNC price was down nearly 5% today and exchanged hands at $0.000071, with its 24-hour trading volume declining 17% to $13.54 million. However, a recent analysis from CoinGape Media indicates that LUNC could potentially hit $0.0001 in the near future. The analysis highlighted several on-chain and technical trends, suggesting that Terra Classic could potentially note a major trend reversal to hit $0.0001.
Coin exchange rate
$BTC 60784.397 USD (-0.03%) 🔴$LUNC 0.00007051 USD (-0.05%) 🔴$LUNA 0.32549994 USD (-0.66%) 🔴Terra Luna Classic chain will undergo a major upgrade to implement the most-awaited Tax2Gas on the chain. The proposal by the core developer Genuine Labs is approved by the Terra Classic community. This will remove the need for separating handling and calculation of tax, holding significant implications for the future of chain and LUNC price.
Please open Telegram to view this post
VIEW IN TELEGRAM
Text proposal 12120 “Genuine Labs’s Tax2gas Implementation” has surpassed the pass threshold. It indicates that validators and delegators have agreed to implement Tax2Gas with Genuine Labs’ approach. This will follow another parameter change proposal by the core developer to implement the upgrade.
The proposal has received over 65% votes in favor, with 10% “No” and 24% “Abstain” votes. Most validators voted in favor of the proposal, but top validator Allnodes is yet to decide as it is one of the crucial changes to burn and on-chain tax mechanism.
Genuine Labs’ approach faced strong opposition from some members of the Terra Luna Classic community. The move primarily came after popular developer StrathCole raised several concerns in the initial review of code developments by Genuine Labs. This led the developer to seek the community’s agreement to decide if the community should implement tax change in this way or not.
Please open Telegram to view this post
VIEW IN TELEGRAM
Coin exchange rate
$BTC 61263.808 USD (+0.68%) 🟢$LUNC 0.00008495 USD (+20.48%) 🟢$LUNA 0.35601581 USD (+9.38%) 🟢