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Home»ALTCOIN NEWS»Terra Luna Classic Switches to LUNC Burns Enhancement via Tax2Gas
ALTCOIN NEWS

Terra Luna Classic Switches to LUNC Burns Enhancement via Tax2Gas

By Crypto FlexsAugust 10, 20243 Mins Read
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Terra Luna Classic Switches to LUNC Burns Enhancement via Tax2Gas
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  • With 5.43T LUNC still in circulation, the community switches to a deflationary strategy.
  • Terra Luna Classic has been generating 6% daily profit since the main burn proposal was approved.
  • Some Terra Classic validators have expressed concerns about the new mechanism.

The Terra Luna Classic (LUNC) blockchain is working on another important improvement regarding LUNC burning. In the widely accepted proposal #12120, Genuine Labs presents to the community an important parameter change called Tax2Gas, which is called “Genuine Labs’ Tax2gas implementation.”

Tax2Gas is a burning consensus that will be live on the Layer-1 chain. If this token burning consensus is implemented, it will drastically change the supply dynamics of Terra Luna Classic (LUNC) and erase a lot of overprinted tokens.

This strategy increases the LUNC tax burn rate from 0.5% to 1.5%. The parameter change sets the burn tax at 1.2%, as originally intended before the Terra Luna failure in 2022, while adding an additional 0.3% to bolster further development and revival efforts on the chain.

Learn how LUNC burns can be affected

Now that Proposal #12120 has officially passed the required threshold with 65% of members voting in favor of the initiative, developers are gearing up for the necessary changes.

Genuine Labs, the company responsible for developing Terra Luna Classic’s Layer 1 chain technology, has already proven its worth by quickly rolling out security enhancements to Terra Luna Classic (LUNC), averting the recent $6.8 million hack on Terra.

🚀 LUNC surges 6% on Tax2Gas upgrade for Terra Luna Classic, approved by 65% ​​of the community! This major change from Genuine Labs has the potential to increase the utility of the token by streamlining tax processing. If supported by the community, LUNC could see a significant price increase. pic.twitter.com/nNqez9nGyL

— Colin Brown (@CollinBrownXRP) August 9, 2024

This implementation of Tax2Gas is bound to simplify the calculation of LUNC burn tax, as previously the simulation endpoint only provided gas estimates, requiring on-chain clients and decentralized applications (dApps) to calculate the LUNC burn tax themselves.

Interestingly, this development has instilled optimism among the LUNC community members, boosting market sentiment around the altcoin. After a two-week slump of over 15%, LUNC gained 6% on Friday to reclaim the $0.00007 support level.

Terra Luna Classic, which recovered from the double bottom pattern on August 5, 2024, has broken out of the bearish constraints as the Chaikin Money Flow (CMF) indicator points slightly above 0. However, the supply dynamics still show that 5.43T of the 6.77T tokens are in circulation, which could lead to further price declines unless the new LUNC tax burn system significantly increases the pace.

On the other side

  • Despite having 65% support, the proposal received significant backlash from some stakers and validators on the network, who prioritized transaction volume over the burn tax.
  • For example, the validator Battle Force Validator Respected We aim to have a 0% LUNC burn tax as our ultimate goal, which will make Terra Luna Classic more attractive to trade.

Why this matters

If the token economics of a coin are modified, it can have long-term effects on the price and overall relevance of the parent chain.

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