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Home»ALTCOIN NEWS»Terra Luna Classic Breaks Silence on Major Upgrade from Tax2Gas
ALTCOIN NEWS

Terra Luna Classic Breaks Silence on Major Upgrade from Tax2Gas

By Crypto FlexsSeptember 7, 20243 Mins Read
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Terra Luna Classic Breaks Silence on Major Upgrade from Tax2Gas
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  • The Terra Classic community previously voted to increase the LUNC burn tax rate.
  • Genuine Labs has shared an important update regarding the activation of Tax2Gas.
  • The shuttle bridge has been temporarily reopened as more fires are expected to rage in the community.

Last month, the community behind the Terra Luna Classic (LUNC) blockchain voted almost unanimously to implement a groundbreaking upgrade: the Tax2Gas mechanism, which is crucial for chain growth and eliminates the need to manually calculate LUNC burn taxes.

The long-awaited LUNC Burn tax hike

The Critical Chain Upgrade accelerates the LUNC Burn Tax Rate from 0.5% to 1.5%. The 1.2% Burn Tax Rate was intended before Terra Luna’s system crash in May 2022, but the additional 0.3% is set to fund further development and innovation on the chain.

Hello LUNCcommunity

We have been silent for the past 12 days as we have been addressing some internal issues within our team regarding intimidation, harassment, and dilution of responsibility. We have addressed these issues and found workable solutions.

— Genuine Labs (@Genuine__Labs) September 6, 2024

While the LUNC community approved Proposal #12120, “Tax2gas Implementation by Genuine Labs” in early August 2024, Genuine Labs, the development company executing this mandate, remained off the radar for most of August. The company broke its silence on September 6, 2024, and provided some important LUNC updates.

Genuine Labs first addressed internal conflicts among team members and promised to find workable solutions to “intimidation, bullying, and evasion of responsibility.”

Additionally, the developers have raised concerns about misleading information from third parties and have concluded that LUNC enthusiasts should only expect updates from LUNCLIVE, the official handle of Genuine Labs.

Has your LUNC Burn upgrade been completed?

Terra Luna Classic’s Tax2Burn upgrade, due to popular demand, could significantly reduce overprinting supply. However, several network delegators and validators have complained about delays in implementing this already approved proposal.

Fortunately, Genuine Labs said in a message on September 6, 2024 that “Tax2Gas is complete” and that the developers are now focused on delivering “a finished product that can be deployed on-chain” to the chain. The message also claimed that additional testing will be done on the Rebel testnet “until we are satisfied.”

Tax2gas is done and we will focus all our efforts on finishing the work we started and delivering a finished product that can be deployed on-chain on the Luna Classic blockchain. Therefore, we will conduct additional testing on rebel net until we are satisfied with the results.

— Genuine Labs (@Genuine__Labs) September 6, 2024

The message did not specify when the testing would be completed, but the LUNC chain recently received another significant upgrade that could impact the price of LUNC in the near future.

Specifically, TerraForm Labs has reopened Shuttle Bridge as part of its bankruptcy proceedings, which allows holders to return their wrapped Terra Luna Classic coins to the original network.

After the 30-day grace period, all LUNC and Terra Classic USD (USTC) assets remaining on this Shuttle Bridge will be burned, which will likely contribute significantly to Terra Luna Classic’s joint burn efforts and the increased LUNC burn tax rate.

On the other side

  • Some Terra Classic community members argue that increasing transaction volume on the network should be prioritized before increasing the LUNC burn rate, as this could scare off large investors.

Why this matters

Building new applications on top of the Terra Classic chain will increase network usage, and implementing rules like a clearly calculated burn tax will make the chain’s revival efforts more viable.

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