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Terra Luna Classic Votes On Implementing New LUNC Burn Tax, Price To Fall Further

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10 months ago

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LUNC News: The Terra Luna Classic community has started voting on a key proposal to implement a revised LUNC burn tax distribution. This pay-per-job (PPJ) proposal seeks community members and validators’ approval on moving ahead with changes as per proposal 12098 passed earlier by the Terra Classic community in April.

Terra Luna Classic Prepares for Burn Tax Changes

Text proposal 12114 by popular developer Frag seeks PPJ approval to implement the burn tax distribution change passed by the Terra Luna Classic community. The developer seeks to start working on revising burn tax to implement the oracle pool split, as per conditions set in proposal 12098.

Terra Classic has a burn tax set to 0.5%, which is strongly adhered to by the community. Out of this, 80% is for burn and 20% is distributed as 10% to Community Pool and 10% to rewards. As per 12098, the 20% will be distributed as 10% to Community Pool and 10% to Oracle pool.

The developer has set following requirements under the implementation plan:

  • Implementation of the new distribution logic in ante handler
  • Adjust the split parameters to reflect the new split logic
  • Adjust the proposal types and handlers to reflect the new parametrization
  • Writing ante handler unit tests to test if the new logic reflects the requirements of proposal 12098
  • Non-empty upgrade proposal handler to be able to rollout the changes with coordinated chain halt proposal and set the split/distribution parameters according to proposal 12098

Frag proposes to complete the work in 56 hours and charge $3600 in LUNC. This implementation needs development, local testing, writing of unit tests; testnet rollout and coordination; and mainnet rollout and coordination. He has set high odds of completing the implementation by mid-July.

Also Read: Terra Luna Classic Community Approves 256 Million LUNC Community Pool Spend

Impact of Changes to Burn Tax

After the proposal, 20% will be distributed as 10% to Community Pool and 10% to Oracle pool. This will make immediate block rewards cut off for users. Instead, the portion from the burn tax would go into long-term staking rewards (Oracle) and improve LUNC staking. It will help validators, but decrease the APR by about ~0.5% depending upon on-chain volumes.

The proposal has received 99.97% votes in favor. All validators including Interstellar Lounge, JESUSisLORD, and StakeBin have voted in favor of the proposal until now. Other top validators are yet to vote on the PPJ proposal.

LUNC price fell 5% in the last 24 hours amid market-wide selloff, with the price currently trading at $0.0001024. However, trading volume has increased in the last few hours, with LUNC and 1000LUNC futures open interests rising.

Meanwhile, USTC price also fell over 4%, with the price changing hands at $0.02059. The price tumbled 12% in a week. The 24-hour low and high are $0.02034 and $0.02183, respectively.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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PENDLE Price Jumps 8% Today Amid Huge Whale Accumulation

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34 minutes ago

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April 2, 2025

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PENDLE price has led the broader market gains this Wednesday, pumping nearly 8% amid bullish developments. Recent whale metrics indicated that large-scale investors bought roughly $8 million of the token, whereas a crypto exchange behemoth also listed it previously. In an upshot, traders and investors are eyeing more gains in the asset’s price due to recent advancements that underscore rising demand for the crypto.

PENDLE Price Jumps 8% Amid Bullish Whale Transactions

As of press time, PENDLE price witnessed an 8% uptick in value and exchanged hands at $3.05. The crypto’s 24-hour low and high were registered as $2.84 and $3.07, respectively.

On a keynote, the rising price action aligns with the heightened buying pressure bought by whales in recent days. The latest data from tracker Lookonchain showed that whales bought roughly $8 million worth of coins in the past 5 days. Per the data, five newly created wallets collectively accumulated the aforementioned amount.

Here Are The PENDLE Whale Addresses Captured:

-0x21fBA58b20f62397c015b1f5a15f742ad430dFA
-0x2EB48c60F4ea75fa0a0Ff5BB017EBD9f5981b8F5
-0x11DFEDf01B3FA824BbCB138159B2e6AFE43692a3
-0x981D8856f572Fb076626265114EAD67697dA5501
-0x6478C8681ADC3E7a0C17Aa1E1F0Ff16d1A61a8f6

Why Are Whales Accumulating?

Meanwhile, the rising whale accumulations and PENDLE price upswing fall in line with another bullish development. Crypto exchange behemoth Coinbase unveiled a listing for the token at the end of March last month.

As a result, large-scale investors are hoarding massive amounts of the token, aiming to capitalize on emerging market opportunities.

Historically, listings on top crypto exchanges usually usher a bullish price action as they substantially increase an asset’s market exposure, thereby welcoming more funds from investors. CoinGape previously reported another similar chronicle, wherein cryptos BROCCOLI and TUT price rallied with their listings on Binance. Similarly, the Coinbase listing appears to be a vital catalyst for driving the whale frenzy and recent price upswing.

Can Bullish Developments Fuel Bull Run Ahead?

Usual market sentiments continue to tilt in favor of bulls, given the Coinbase listing and rising whale accumulations. Further, a renowned crypto market trader has poured additional optimism surrounding the coin’s future price action with his bullish prediction.

Analyst AMCrypto recently took to X, revealing that PENDLE price is forming an “inverse head and shoulder pattern.” This pattern formation suggests that a potential trend reversal from bearish to bullish is brewing amid bullish advancements.

PENDLE price chartPENDLE price chart
Source: AMCrypto, X

In light of this dynamic, the analyst predicts that a break above $3 paves the way for a massive rally ahead. As mentioned above, the coin is currently trading above this price level. As a result, market watchers continue to weigh further bullishness on the asset’s long-term price prospects.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Will BNB Price Rally to ATH After VanEck BNB ETF Filing?

Published

2 hours ago

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April 2, 2025

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Asset manager VanEck has registered for a proposed BNB exchange-traded fund (ETF), the latest among the list of its new crypto ETF filings. As a result, the trading volume for BNB Coin has shot up by 42% to more than $2.12 billion, as analysts are now closely watching for a BNB price rally to all-time highs.

In BNB Price Ready for A Mega Rally?

BNB Coin has performed relatively well over the past month compared to Bitcoin and other altcoins. While BTC and top altcoins like ETH, SOL, XRP saw double-digit losses in March, BNB Coin is down just 1% on the monthly chart. After a strong consolidation of around $610 levels, the BNB price could be eyeing a strong breakout to new all-time highs.

BNB Burn and Pascal Hardfork Offer Support

BNB Coin features a real-time burn mechanism that permanently removes a portion of gas fees from circulation. Over the past seven days, 951.85 BNB worth $571,747.74 was burned, contributing to a total burn value of nearly $160 million, as per data from BNBBurn.

BNB’s price recently gained momentum following the implementation of the Pascal hard fork, which enhanced its compatibility with Ethereum. The network is preparing for additional hard forks this month and in June, aimed at further improving transaction speeds.

Additionally, BNB Chain is gaining a lot of popularity among meme coins, adding support for Mubarak meme coin, CZ’s Dog BROCOLLI meme coin, and others.

Looking at the technical setup, the BNB price chart shows that the altcoin is forming a cup-and-handle pattern, along with an ascending channel pattern formation, as shown in the image below.

Source: TradingView

On the other hand, BNB price is trading above the 50-day moving average, which is a positive indicator. But for the altcoin to kickstart a rally to its all-time high of $790, it must first complete the handle formation at $662, and give a breakout above that level.

As of press time, BNB Coin is trading at $603 levels with its daily trading volume up by 42%, surging past $2.12 billion. Furthermore, the Coinglass data shows that the BNB options trading volume is also up by 46%.

VanEck Files for Spot BNB ETF

$115 billion asset manager VanEck filed for the spot BNB ETF in Delaware on Tuesday, April 1, which could serve as a major catalyst for the BNB Coin rally ahead. The proposed BNB ETF would follow the price of BNB, the fifth-largest cryptocurrency by market capitalization.

Apart from BNB, VanEck has already submitted crypto ETF applications for Bitcoin, Ether, Solana, and Avalanche. VanEck filed for SEC approval last month to launch the first AVAX ETF, building on its success with spot Bitcoin and Ethereum ETFs.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Tether Expands Bitcoin Reserves with 8,888 BTC Buy—What’s the Plan?

Published

3 hours ago

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April 2, 2025

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Tether, the developer of USDT, has added 8,888 Bitcoins to its holdings valued at around $735 million at the time of the transaction. This latest market move by the popular stablecoin issuer was reported by Arkham.

In a snapshot offered by Arkham on its official website, it revealed that the stablecoin company withdrew 8,888 Bitcoins from Bitfinex, a leading exchange and Tether’s sister company, on Monday. 

Source: Arkham

Tether’s latest transaction pushes its Bitcoin holdings to 92,647, valued at $7.7 billion at current market prices. With this latest boost to its crypto holdings, Tether remains one of the biggest Bitcoin holders in the industry.

Tether Slowly Builds Its Bitcoin Reserve

In the last few weeks, Bitcoin was the among the main agenda of US President Donald Trump for a Strategic Bitcoin Reserve (SBR). But last Monday, Tether made its presence felt by adding more Bitcoins to its already huge crypto reserve.

Tether’s crypto reserve is one of the biggest in the business as it’s used to back up its stablecoin, the USDT. Currently, Tether controls over5 60% of the total stablecoins market, with a market cap of $144 billion, compared to a total of $234 billion valuation for the whole stablecoin industry.

Tether’s latest transaction puts it in the big league, making it the sixth biggest holder of Bitcoin. According to Bitcoin Treasuries, Tether is the second-largest private holder of the asset, below Block.one. But if we zoom out and consider other entities and publicly-traded companies, Strategy (formerly MicroStrategy), and the top spot Bitcoin ETFs issuers beat Tether’s holdings.

Commitment To Invest In Bitcoin

Tether’s latest Bitcoin acquisition reflects the company’s commitment to Bitcoin. Interestingly, the company pledged to use a part of its net profit to buy additional Bitcoins. The company committed last May 2023, and stated that it will use 14% of its net profits to buy additional Bitcoins.

BTC is now trading $83,943. Chart: TradingView

Tether’s most recent Bitcoin purchase was 8,404, which was made last December, which pushed its holdings to 83,759.

$1B USDT Into Reserves

Tether’s latest Bitcoin purchase coincided with the minting of fresh tokens. According to on-chain data, the stablecoin company minted $1 billion in tokens on Tron. Tether CEO Paolo Ardoino has confirmed the minting of a new USDT. 

According to Ardoino, the minting of new USDT was authorized, but he insisted that this batch is not yet included in the circulation. They added that the newly minted USDT is now part of their inventory and will be used for future issuance requests. Tether has already minted $8 billion tokens on Tron since the start of the year, and recorded $22 billion worth of USDT minted last year.

Featured image from Pixabay, chart from TradingView

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