Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
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
Facebook Twitter Pinterest LinkedIn Tumblr Email
Terra Luna Classic Switches to LUNC Burns Enhancement via Tax2Gas
Share
Facebook Twitter LinkedIn Pinterest Email
  • 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.

Check out the latest cryptocurrency news from DailyCoin:
Türkiye Welcomes 47 Cryptocurrency License Applicants Amid New Regulations
Kamala’s ‘Crypto for Harris’ Threatens Trump’s Crypto Foundation

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

SEI tokens have soared more than 100% in June -the highest catalyst explained.

June 26, 2025

$ 438m XRP Transfer Sparks Panic- Ripple?

June 19, 2025

Solana Price Eyes 103% Rally $ 300: Here is the reason.

June 12, 2025
Add A Comment

Comments are closed.

Recent Posts

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025
Most Popular

Ethereum succumbs to selling pressure – 2 factors helping the downtrend

January 8, 2025

Solana ETF Application Fails to Generate Initial Excitement for SOL

July 3, 2024

Craig Wright’s lawsuit losses pile up over Bitcoin origin story

January 28, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.