3 months ago
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This change is expected to make transactions smoother for developers and users, potentially attracting more activity to the Terra Luna Classic network.
The Terra Luna Classic (LUNC) community has given the green light to a pivotal upgrade that could influence the token’s future trajectory. The Tax2Gas proposal, developed by Genuine Labs, has been approved with more than 65% of the votes from validators and delegators. This upgrade aims to streamline the tax handling process by integrating it directly into transaction gas fees, which could significantly improve efficiency and reduce manual calculations.
Previously, managing tax obligations involved cumbersome manual processes, leading to potential errors and inefficiencies. The Tax2Gas upgrade seeks to address these issues by automating tax calculations. This change is expected to make transactions smoother for developers and users, potentially attracting more activity to the Terra Luna Classic network.
The new module will handle gas prices for 22 different denominations and ensure that fees are only charged for successful transactions. The next steps include rigorous testing to confirm the module’s effectiveness and stability.
The approval of the Tax2Gas proposal highlights the Terra Luna Classic community’s commitment to enhancing the blockchain’s functionality and potential. As the upgrade moves forward, it will be crucial to monitor its impact on LUNC’s performance and whether it can stimulate growth.
Potential Impact on LUNC Price and Market Sentiment
The Tax2Gas upgrade is anticipated to have a notable impact on LUNC price and market sentiment. Currently trading at $0.000071, LUNC has seen a 6% increase over the past 24 hours. However, the trading volume has dropped by 11%, indicating a cautious market. Analysts are hopeful that the upgrade could help the token recover to $0.0001 and even reach $1 in the long term.
Despite this optimism, the LUNC market has faced challenges. The token’s price has been volatile, influenced by broader market trends and economic uncertainty. The all-time high for LUNC was $119.01, but it has since dropped significantly, with its lowest point at $0.00001651. Currently, the market sentiment remains bearish, as reflected in the Fear & Greed Index, which shows extreme fear among investors.
eToro Delists Terra Luna Classic amid Controversy
eToro’s choice to remove Terra Luna Classic (LUNC) from its platform in late July has generated considerable criticism from the community. The delisting of both LUNA and LUNC tokens follows TerraForm Labs’ bankruptcy proceedings and eToro’s concerns about the ongoing legal issues surrounding Terra. eToro had warned of the impending close-only status for LUNA tokens since mid-July 2024, culminating in the removal of LUNC from its platform.
This action has frustrated many LUNC holders, who view it as an unjust move impacting their investments. The controversy is heightened by TerraForm Labs’ restructuring and the subsequent fork into Terra 2.0, which some argue complicates the situation further. The community continues to seek clarification and resolution from eToro and TerraForm Labs.
