Binance Declared Its Backing for the Terra Classic Tax2Gas Network Upgrade
Binance has announced the suspension of all deposits and withdrawals for the Terra Luna Classic (LUNC) token in light of an upcoming update. The exchange will temporarily halt these transactions by September 18 at 10:15 AM (UTC) to facilitate the upgrade.
Additionally, Binance has committed to offering technical support to its users during the upgrade process to ensure a seamless transition. Withdrawals and deposits of the LUNC token will resume on the platform once the Terra network is deemed stable following the upgrade.
It is worth noting that Binance has consistently supported tokens listed on its platform during upgrades and hard forks. A recent example is the support provided during the Cardano hard fork on September 1, marking the transition to the community-governed Voltaire era.
Newly Introduced Feature
The upcoming upgrade to v3.1.5 on Wednesday will introduce an automated tax calculation method within the Terra Classic ecosystem. The upgrade is scheduled to go live at block height 19850000 by 11:27 AM (UTC) according Stakebin report.
The Tax2Gas upgrade aims to streamline the tax-handling process within the LUNC ecosystem by incorporating tax calculation with gas fees, eliminating the need for manual tax calculations by decentralized application developers. This is expected to enhance efficiency and security within the Terra Luna Classic network.
Following community approval, the Tax2Gas initiative has garnered significant support from validators and delegates in the network, paving the way for its implementation. The Terra Classic ecosystem is embarking on additional initiatives to strengthen its security and efficiency, with a proposal to restore the maximum number of validators in the LUNC ecosystem to 110 currently under consideration. This move follows a recent SDK update that led to a reduction in the number of validators.
LUNC Market Trends
Despite these developments, the LUNC token has exhibited minimal volatility in the past 24 hours, trading at $0.00008213, representing a marginal increase of less than 1%.
Read Also: Terra Luna Classic Community Passes Major Proposal, Could LUNC Reaches $0.0003 Soon?
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