🌖 LUNC News: Core Developer Confirms Completion of Tax2Gas Upgrade – Will LUNC and USTC Prices Rebound?

Terra Luna Classic’s core development team is preparing for a significant network upgrade, Tax2Gas, which is expected to improve the blockchain’s functionality and potentially impact LUNC’s price. Although the development team has finalized the work on the upgrade, the testing process of the upgrade is still in progress on the rebel testnet to

Recently, Genuine Labs, an L1 developer of Terra Luna Classic, responded to the community’s questions about Tax2Gas’s delayed launch. The team admitted that they had some problems within the team, such as rivalry within the group. These challenges were comprised of intimidation, harassment, and roles that were not well defined, and they are said to have contributed to the delay. However, Genuine Labs said that these problems have been sorted out, and the team is now free to work on the upgrade.

The developer also released a statement saying that any information not coming from either Genuine Labs or LUNCLIVE should be considered unreliable. This was due to the community receiving mixed information from different sources, and the development team wanted to clarify things as the only official source of information.

🌖 Tax2Gas Aims to Streamline Burn Tax Process for Developers

The Tax2Gas upgrade that is planned for the near future is expected to be a game-changer for Terra Luna Classic. One of the key questions it seeks to answer is the problem that contract developers encounter today, where they have to determine the burn tax themselves.

The upgrade is expected to automate this process and relieve the clients and dApp developers. Currently, the simulation endpoint gives developers gas estimates, and they have to manually include tax calculations, which can be problematic during the auditing process.

The Tax2Gas upgrade will help in this process by providing a way to transition audited dApps to Terra Classic without needing to redo audits for Terra Classic-specific changes. However, the developers have not specified the exact time for the upgrade, noting that the testing on the rebel testnet will continue until the desired outcome is met.

🌖 LUNC and USTC Prices Face Market Pressure

While the community awaits the Tax2Gas upgrade of Terra Luna Classic, the tokens are still under pressure in the market. LUNC, the native token, is down by 3% in the last 24 hours and has shed 5% over the week. Currently, LUNC is trading at $0.00007537, with a daily low of $0.00007482 and a high of $0.000077. Additionally, the trading volume has gone down by 20% in the same period, indicating a more cautious approach to the market.

USTC, Terra Classic’s stablecoin, has also experienced a drop, with its price falling 3% in the last 24 hours to $0.01539. Trading volume for USTC decreased by 6% during this time, signaling a subdued reaction from traders amid the broader market downturn.

However, Coinglass data reveals that the trend is not entirely bullish since LUNC’s future open interest has risen by 2% in the last hour. On the contrary, the USTC’s future open interest fell by 3% in the last week, suggesting that market participants are becoming more cautious.

🌖 Terra Luna Classic Set for Grand LUNC Burn from TFL Bankruptcy

TerraForm Labs has agreed to wind down its business as soon as practicable to qualify for Chapter 11 bankruptcy protection in the United States. As the investors affected by Terra Luna’s system crash in May 2022 are filling up their crypto claims, Terra Luna Classic (LUNC) faces a crucial turning point.

🌖 Terra Luna Classic’s Biggest Burn Ever?

According to the bankruptcy lawsuit court filings, TerraForm Labs should close its business by the end of October 2024 and eliminate all assets originally issued. After this date, TerraForm Labs won’t be able to access any digital funds on Columbus-5 or Phoenix-1-based chains.

Recently, TerraForm Labs was forced to reopen the Shuttle Bridge, which was shut down during the gloomy days of Terra Luna’s UST de-pegging back in May 2022. The temporary reopening of this DeFi protocol enabled users to redeem the wrapped assets on LUNC as a part of the court’s directive.

According to Terra Finder’s on-chain data, the community has successfully reclaimed 2.58 billion LUNC tokens from the Shuttle Bridge so far.

🌖 Here’s How Much LUNC Can Be Burned

As the $4.5 billion settlement in the legal case against TerraForm Labs obliges the Web3 company to seize its business, the assets in protocols such as Anchor or Mirror are bound to be burned soon. According to popular YouTuber and LUNC validator HappyCatKripto, four known wallets are tied to the Mirror protocol, which holds above 500M tokens.

Paired with the funds on Anchor protocol, the Terra Classic tokens waiting for the incinerator pile up to a hefty 275 billion coins, or roughly $22 million. This potentially opens doors for the most grandiose LUNC burn, with a quarter of a trillion Terra Luna Classic tokens in one go. 

“Getting those burns early will really provide the momentum we need,” spills out HappyCatKripto. Naturally, a burn of this magnitude would play out favorably in further coordination with Binance and other exchanges dedicated to the chain’s restoration efforts.

To achieve this, the validator urged the community to migrate Mirror and Anchor protocol contracts to a new code using a governance model similar to Risk Harbor. While both governance proposals are open for voting and discussion, the timeline of this grandiose burn has yet to be decided.

🌖 Terra Classic Upgrade Vote Sparks LUNA and LUNC Price Rallies Amid Token Burn Anticipation

In the latest development, the Terra Classic community voted on a major proposal for an upgrade that aims to boost the network’s efficacy and security. Dubbed v3.1.5, the proposed update focuses on introducing critical security patches and improvements that include Terra’s core components such as wasmvm and wasmd.

Pending the community approval, the network will pause at the block height of 19,850,000 on September 18 for an upgrade. Moreover, this upgrade will also incorporate a gas stimulation patch from the previous version, v3.1.4.

Following the chain halt, validators and infrastructure providers need to implement these changes immediately. The Terra Classic community’s engagement in this voting process represents increasing support for the network’s development.

This proposal focuses heavily on testing, including a rehearsal upgrade on the rebel-2 testnet, and demonstrates the community’s dedication to a smooth transition. The Terra classic team has already informed validators regarding the rollback plans in case of any issues, highlighting a careful yet proactive approach to the upgrade.

Soon after the Terra Classic community proposed this upgrade, the price of LUNA and LUNC tokens rallied further. The Terra LUNA price rallied all the way to $0.40 on Tuesday, extending its weekly gain to 15%. Similarly, the Terra Classic (LUNC) price surged to $0.000086, with its weekly gains now standing at 7.5%.

🌖 Terra LUNA and Terra Classic LUNC Price Can Rally Further With Token Burns

As per the latest development, validator HappyCatKripto has indicated that Terraform Labs (TFL) may burn up to 1 billion USTC and 275 billion Terra Luna Classic (LUNC) tokens as part of its Chapter 11 bankruptcy proceedings. Although the exact number of tokens to be destroyed is still unclear, the Terra Luna Classic community is now scrutinizing the ecosystem’s forthcoming actions, reported Crypto News Flash.

Furthermore, as per the latest report, on Terraform Labs’ final upgrade, Proposal 4818 marks the conclusion of the chapter following the SEC settlement. Terraform Labs will look after this upgrade directly which brings major changes such as a substantial token burn, along with a 5% minimum rate for validators, and the elimination of the blacklist functionality. With Terraform Labs planning to step back, the future of the blockchain will depend on other community-driven efforts such as the Phoenix Directive, reported Crypto News Flash.

Proposal 4818 will include burning all LUNA tokens held by TFL, removing assets that were illegally minted following the IBC attack, and eliminating the blacklist function introduced as a result of the hack, per the CNF report.

🌖 LUNA, LUNC Price Rallies As Terra Classic Community Votes On Major Upgrade

The LUNA and LUNC price rallied nearly over 14% and 9% today, respectively, gaining notable traction from the investors. Meanwhile, the robust rally has also left many investors looking for potential reasons behind the surge. However, a recent update showed that the Terra Classic Community has recently proposed voting on a major update, which appears to have bolstered the market confidence.

🌖 Terra Classic Community Proposes Major Upgrade

The Terra Classic community has recently started voting on a major upgrade proposal that aims to boost the network’s security and efficacy. The proposed update, known as v3.1.5, focuses on introducing critical security patches and improvements, which include Terra’s core components wasmd and wasmvm.

Notably, according to the proposed details, the network will halt at block height 19,850,000 on September 18, for the upgrade, pending community approval. In addition, the upgrade also includes a gas stimulation patch carried over the previous version, i.e. v3.1.4.

Meanwhile, validators and infrastructure providers will need to implement these changes immediately after the scheduled chain halt. The Terra Classic community’s engagement in this vote demonstrates growing support for the network’s evolution, with early voting showing unanimous approval.

Moreover, the proposal highlights robust testing measures, including a rehearsal upgrade on the rebel-2 testnet, underscoring the community’s commitment to ensuring a smooth transition. Validators have been briefed on rollback plans if any issues arise, showing a cautious but proactive approach to the upgrade.

🌖 LUNA And LUNC Price Rallies As Token Burn Looms

The LUNC price was up 9.12% to $0.00008612, while its trading volume skyrocketed 223.12% to $30.07 million. Notably, the crypto has touched a high of $0.00008679 over the last 24 hours. However, despite the recent rally, a report reveals key reasons that could hinder LUNC price rally to $0.01.

On the other hand, LUNA price jumped 14.53% to $0.3882, while its trading volume rocketed 391% to $75.39 million. The Terra price has touched a high of $0.3929 recently. Meanwhile, the rally in LUNA and LUNC prices also coincides with mounting anticipation of significant token burns within the Terra ecosystem.

As part of a US court order linked to Terraform Labs’ Chapter 11 bankruptcy case, the community expects massive USTC and LUNC tokens to burn. Members estimate the burn could involve over 1 billion USTC and 275 billion LUNC, which could further drive price gains as supply contracts.

These burns are seen as a crucial step toward restoring value and stability to the Terra Classic ecosystem. The potential reduction in supply aligns with the community’s broader efforts to rejuvenate the network, especially after a challenging period marked by regulatory scrutiny and market volatility.

On the other hand, with the proposal vote set to conclude in six days, investor sentiment remains bullish. Early voting results show overwhelming support for the upgrade, reflecting a community eager to push the network forward.

🌖 Terra Luna Classic Reveals USTC Repeg Plan, Will LUNC Price Rally Again?

Terra Luna Classic popular member and validator Vegas Morph has unveiled a proposal to repeg USTC to $1. This sparked bullish sentiment in the community, with LUNC price gaining further upside momentum after rising 20% last week. However, the current market sentiment has dragged prices lower.

Moreover, the community is also bullish due to developments such as token burn by Terraform Labs, the Tax2Gas upgrade, and security updates. The security upgrade is approved by the community through governance voting.