Terra Luna Classic Core Dev Reveals Major Update on Tax2Gas

LUNC News: Terra Luna Classic core developer on Friday said it has completed work on Tax2Gas, an upcoming major upgrade that will boost the network as well as LUNC price. The core developer added that the expected date of the upgrade is still unclear unless satisfaction in testing on rebel testnet.

Terra Luna Classic’s Biggest Upgrade Tax2Gas Draws Near

Genuine Labs, a core L1 developer of community-led blockchain Terra Classic, broke the silence after the community complained about the delay in the upgrade. The developer revealed that it resolved some internal issues among the team, which involved threats, harassment, and responsibility deviation.

Major work on Tax2gas is completed. The team will further focus on testing on the rebel testnet until satisfaction is met to provide the Terra Luna Classic blockchain with a better upgrade.

“We would like to address that any information coming from any participant that is not Genuine Labs or LUNCLIVE is misleading and in no way form or fashion a statement from Genuine Labs as we haven’t had any contact with anyone other person or entity,” said Genuine Labs.

As CoinGape reported earlier, Tax2Gas upgrade is game-changing as it will resolve issues including contract developers’ need to calculate the burn tax manually. The issues are — 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.

Can LUNC and USTC Prices Rebound?

Amid this major LUNC news, Terra Luna Classic ecosystem tokens are trading under support level despite opening of Shuttle Bridge by Terraform Labs and the plan to burn millions of tokens in wallets linked to the company’s and Luna Foundation Guard.

LUNC price fell 2% in the last 24 hours and 9% in a week, with the price currently trading at $0.00007537. The 24-hour low and high are $0.00007482 and $0.000077, respectively. The trading volume has also decreased further by 20% in the last 24 hours.

Coinglass data indicates the buying activity on LUNC and 1000LUNC are mixed today. Total LUNC futures open interest rose 2% in an hour.

Meanwhile, USTC price is trading at $0.01537, down 3% in the past 24 hours. The 24-hour trading volume saw a 6% drop in the last 24 hours. Moreover, total USTC futures open interest saw a 3% drop in the last 24 hours.

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Varinder Singh

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.

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