Terra Luna Classic (LUNC) Prepares for Tax2Gas Network Upgrade, Aims to Streamline Burn Tax Process for Developers

Terra Luna Classic's core development team is preparing for a significant network upgrade, Tax2Gas, which is expected to improve the blockchain's

Terra Luna Classic's core development team is gearing up for a crucial network upgrade, Tax2Gas, which is poised to enhance the blockchain's functionality and potentially influence LUNC's price. While the development team has completed work on the upgrade, the testing phase is still underway on the rebel testnet to prepare for the mainnet integration.

Recently, Genuine Labs, an L1 developer for Terra Luna Classic, addressed the community's inquiries regarding the delayed launch of Tax2Gas. The team acknowledged encountering internal difficulties, including rivalry within the group, which manifested as intimidation, harassment, and poorly defined roles, ultimately contributing to the delay. However, Genuine Labs stated that these challenges have been resolved, allowing the team to proceed with the upgrade work.

The developer also emphasized that any information not sourced directly from either Genuine Labs or LUNCLIVE should be deemed unreliable. This follows reports of the community receiving conflicting updates from various sources, prompting the development team to clarify their role as the sole official point of contact for authentic updates.

Tax2Gas Aims to Streamline Burn Tax Process for Developers

The upcoming Tax2Gas upgrade is set to introduce a highly anticipated improvement for Terra Luna Classic. Currently, contract developers face the challenge of manually determining the burn tax, which can vary depending on the transaction. This process is expected to be automated with the upgrade, easing the workload for clients and dApp developers.

At present, the simulation endpoint provides developers with gas estimates, requiring them to factor in tax calculations manually, which can pose difficulties during audits. The Tax2Gas upgrade aims to facilitate this integration, enabling audited dApps to transition smoothly to Terra Classic without requiring additional audits for Terra Classic-specific changes.

The developers are continuing to test the upgrade on the rebel testnet until the optimal results are achieved, without specifying a precise timeframe for the mainnet integration yet.

LUNC and USTC Prices Face Market Pressure

As the community eagerly awaits the Tax2Gas upgrade for Terra Luna Classic, the tokens are facing market pressures. LUNC, the native token, experienced a 3% decrease over the last 24 hours and a 5% drop over the week. At the time of writing, LUNC is trading at $0.00007537, with a daily low of $0.00007482 and a high of $0.000077. Notably, the trading volume also decreased by 20% during the same period.

Meanwhile, USTC, Terra Classic's stablecoin, also saw a price drop of 3% over the last 24 hours, trading at $0.01539. The trading volume for USTC experienced a moderate decrease of 6% during this time.

However, according to data from Coinglass, the trend might be leaning bullish, as LUNC's future open interest rose by 2% in the last hour. In contrast, USTC's future open interest decreased by 3% in the last week, suggesting that market participants are exhibiting caution amid the broader market downturn.

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