- Tax2Gas, an upgrade that the Terra Classic (LUNC) community voted nearly unanimously for, has now been implemented at the block height of 19,850,000.
- The upgrade has received the support of major industry players, led by Binance, with holders hoping it will spark a rally after a disappointing week.
Terra Classic has inaugurated Tax2Gas, an upgrade for which almost the entire community voted, and it’s receiving the support of some key industry players.
As we reported, the vote was cast a week ago, with most of the community voting in favour of v3.1.5, an update that impacted the network’s core components and introduced some critical security patches. Today, at the block height of 19,850,000, the network finally implemented the upgrade. It was the fastest upgrade to the chain, showing the community’s commitment to improving the network.
#lunc, we have blocks… the quickest upgrade to the chain ever… congratulations, everyone. #TerraClassic
https://t.co/FzTcdHWjA3
— Vegas (@VegasMorph) September 18, 2024
Already, the world’s largest exchange is onboard. Binance announced today that it would support the upgrade, notifying its users that it would suspend deposits and withdrawals on the LUNC network to ensure the transition is seamless for its users.
Binance handled all the technical requirements and the users didn’t have to get involved. The trading of LUNC on its order books was also not impacted.
Meanwhile, LUNC trades at $0.00007923, dipping nearly 5% in the past day despite the quick upgrade. It hit an intraday high of $0.00008321 earlier today before tumbling to a weekly low.
In the past month, the token set a monthly record at $0.00009424 before it was rejected and dipped to $0.00007194. A second round of bullish momentum fizzled out after hitting $0.0000899.
Despite the price uncertainty, LUNC holders are confident in the token. Staked LUNC has picked up again in the past two weeks after a sharp dip in August. LUNC holders have now staked 1,046,999,710,196 tokens, accounting for 15.5% of the total supply.
One LUNC holder summed it up:
People see how valuable their Luna Classic is and they are locking it up for the long haul. Binance also continues to burn the supply monthly.
BREAKING: $LUNC staking just made a new ATH with 1,048,406,541,911 staked!
People see how valuable their #LunaClassic is and they are locking it up for the long haul. #Binance also continues to burn the supply monthly.
#Crypto pic.twitter.com/sVcollnIJz
— Mr. Diamondhandz1
(@MrDiamondhandz1) September 18, 2024
Terra Classic (LUNC) Marches On
Despite all the setbacks the network has faced since 2022, LUNC has picked itself up, and its holders remain confident in its long-term prospects. Its dApps have continued to build products for the users, with Astroport Classic leading the charge following a 1.2% increase in TVL in the past month.
The latest upgrade has injected new life into the LUNC community. For one, it increases the burn rate from the current 0.5% to 1.5%, even higher than the 1.2% that had been agreed on years ago before the original Terra Luna crashed.
Other developments in the network are also pushing LUNC forward, such as Proposal 12133 which restores the maximum number of validators allowed on the network to 110.
