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.
Terra Classic (LUNC) has finally implemented the Tax2Gas upgrade after almost the entire community voted for it. The upgrade, which was implemented at block height 19,850,000, is the fastest upgrade to the chain ever, showcasing the community’s dedication to improving the network.
"We have blocks… the quickest upgrade to the chain ever… congratulations, everyone."
As we previously reported, the vote was cast a week ago, with the majority of the community voting in favor of v3.1.5, an update that affected the network’s core components and introduced critical security patches.
Binance, the world’s largest exchange, has already announced its support for the upgrade, informing its users that it would be halting deposits and withdrawals on the LUNC network to ensure the transition is seamless for its users.
Binance handled all the technical aspects of the upgrade, so users were not required to take any action. Additionally, LUNC trading on its order books was not affected by the upgrade.
Meanwhile, LUNC is trading at $0.00007923, down almost 5% in the last 24 hours despite the rapid upgrade. It reached an intraday high of $0.00008321 earlier today before falling to a weekly low.
In the last month, the token set a monthly high of $0.00009424 before being rejected and falling to $0.00007194. A second round of bullish momentum fizzled out after hitting $0.0000899.
LUNC holders are optimistic about the token despite the price volatility. Staked LUNC has increased again in the last two weeks following a sharp decrease in August. LUNC holders have now staked 1,046,999,710,196 tokens, which is 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."
Terra Classic (LUNC) Continues to Grow
LUNC has picked itself up and its holders remain confident in its long-term prospects despite the setbacks the network has faced since 2022. Its dApps have continued to build products for the users, with Astroport Classic leading the way after a 1.2% increase in TVL over the last month.
The latest upgrade has breathed new life into the LUNC community. For starters, it increases the burn rate from the current 0.5% to 1.5%, which is even higher than the 1.2% that was agreed upon years ago before the original Terra Luna crashed.
Other network developments, like Proposal 12133, which raises the maximum number of validators permitted on the network back to 110, are also propelling LUNC forward.
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