🌖 Terra Luna Classic v3.3.0 Update Backed by Binance: LUNC Price Set for a Rally?

Binance, the world’s leading cryptocurrency exchange, has recently announced that it will support the upgrade of the Terra Luna Classic (LUNC) network scheduled for December 17, v3.3.0. According to StakeBin, the hard fork will occur at block height 21163600 at approximately 14:02 UTC.

Insight into Terra Luna Classic’s Major Upgrade
With version 3.3.0, this is a monumental step for Terra Luna Classic and provides an overview of how the on-chain usability is improved for developers and projects involved, reported by CNF. This iteration is basically about improvements to tax mechanisms and improvements in the overall functioning of the platform.

Binance has made an official statement saying that the exchange fully supports the Terra Luna Classic v3.3.0 update. It will temporarily stop deposits and withdrawals on the network, but trading of LUNC tokens will not be affected during this process.

“Binance will take care of all technical requirements involving all users,” the exchange assured in its statement. The exchange will ensure a seamless transition for its users. Meanwhile, other cryptocurrencies, such as Bybit and OKX, have also announced their support for the v3.3.0 upgrade.

Moreover, it is worth noting that Binance has also actively contributed to the revitalization efforts of the network in Terra Luna Classic. For example, Binance participates in monthly LUNC burning initiatives aimed at reducing token bloat. To date, the community has burned a total of 393.87 billion LUNC tokens, and Binance accounts for 68.39 billion of these through its contributions.

The v3.3.0 upgrade includes a number of features aimed at making operations smoother and network performance better. The upgrade will simplify the process of handling taxes, automatically deducting taxes from the transactions before sending them to the recipient’s wallet.

The update is expected to improve the efficiency of the network and attract more developers willing to develop decentralized applications (dApps) on the platform. While the community’s efforts to revitalize Terra Luna Classic involve focusing on key areas such as increasing usability, supporting the USTC rope and accelerating the LUNC burn initiative.

🌖 Binance Announces Support for Major Terra Luna Classic Upgrade

Binance, the largest global crypto exchange, announced its support for the upcoming upgrade to the Terra Luna Classic (LUNC) network.

Scheduled for December 17, the v3.3.0 update is a critical step for the blockchain’s tax management and aims to boost its utility by attracting developers and new projects.

The exchange confirmed that the upgrade will occur at block height 21163600, around 14:02 UTC. In preparation, Binance will temporarily suspend deposits and withdrawals for LUNC tokens to ensure a seamless transition. However, trading of LUNC will not be affected during this period, as Binance will handle all necessary technical aspects.

Binance has been a key supporter of the Terra Luna Classic revival, previously implementing a monthly LUNC burn mechanism to reduce the circulating supply. Other major exchanges, including Bybit and OKX, have also pledged their support for this vital network upgrade.

The v3.3.0 update brings several important features, including automatic tax deductions for transactions, which simplifies tax handling. Additionally, the upgrade enhances network security and improves the overall utility of the platform, making it more accessible for developers and decentralized applications (dApps).

This update is part of the broader effort to revitalize Terra Luna Classic, including the burning of LUNC tokens and the potential repeg of the USTC stablecoin. The community has already burned over 393 billion LUNC, with Binance contributing 68 billion.

LUNC and USTC Price Action

Raising the burn tax to 1.5% will increase the rate of LUNC and USTC burns from the tax, the community pool funding rate, and funding to the oracle pool for long-term Terra Luna Classic staking rewards.

LUNC price fell 9% in the last 24 hours amid market-wide selloff, with the price currently trading at $0.0001135. The 24-hour low and high are $0.0001115 and $0.0001243, respectively. However, trading volume has increased by 38% in the last 24 hours.

Meanwhile, USTC price also dropped 7%, with the price now trading at $0.02029. The 24-hour low and high are $0.01887 and $0.02178, respectively. The trading volume saw an 87% rise over the last day.

LUNC News: Terra Luna Classic Community Burn Tax Proposal

The Terra Luna Classic community is voting on proposal 12149 “Set On-Chain Tax Rate to 1.5%” on the Station wallet. It aims to increase the on-chain tax rate from 0.5% to 1.5% and leave it unchanged unless the total supply reaches 10 billion LUNC.

The move comes after the successful implementation of the v.3.3.0 LUNC network upgrade. The upgrade simplified tax handling and reduced the burden for developers and dapps to build on the Terra Luna Classic network.

The 0.5% LUNC burn tax is currently split into 80% and 20%, with the 20% breakdown as — 10% to the community pool and 10% to the oracle pool. If the tax is increased to 1.5%, it will increase the burn tax to 1.2% from the current 0.4%. Also, it will increase the contribution to the Community Pool and the Oracle Pool, making all components boost by three times.

At present, the proposal has received 43.24% “Yes” votes, with 16.01% “No” and 40.74% “No with veto” votes. The voting by validators and delegators indicate the community remains divided again.

A validator commented, “Please do not sabotage builders & L2 projects. Veto because the 30th attempt is one too much.”

🌖 Terra Luna Classic Votes on Proposal to Revise LUNC Burn Tax to 1.5%

The Terra Luna Classic community is voting on the controversial proposal to increase the burn tax from 0.5% to 1.5% again. This can significantly boost LUNC and USTC burn rates, increase funds in the Community pool and Oracle pool, and trigger a rally in LUNC price.

The community remains divided on increasing the on-chain tax rate as some agree with Binance co-founder Changpeng “CZ” Zhao to keep the burn tax low. On the other hand, some believe the Terra Luna Classic chain revise it now.

What’s Next for LUNC and USTC Prices?

Terra Luna Classic will carry out the major v3.3.0 upgrade on December 17. The upgrade introduces a new simplified tax handling. Also, it will help boost utility on the Terra Luna Classic, removing barriers for developers and dapps seeking to build on the chain.

Meanwhile, LUNC price is trading at $0.0001319, trading sideways in the last 24 hours. The price is trading between the $0.00012 support level and $0.00018 resistance level. As CoinGape reported earlier, a breakout above the resistance level will trigger an XRP-like rally.

Also, USTC price fell more than 1% on profit booking, with the price currently trading at $0.02413. The 24-hour low and high are $0.02408 and $0.02492, respectively.

LUNC News: Terra Luna Classic Passes Key Proposal Ahead of Upgrade

LUNC News: Terra Luna Classic has passed a major proposal to update the CoinMarketCap dashboard with valid details. This comes ahead of the major v3.3.0 upgrade related to simplifying tax handling and increasing utility.

Terra Luna Classic CMC Dashboard Update Proposal Passed
Proposal 12147 to update Terra Classic dashboard on CoinMarketCap passed as it surpassed the pass threshold. Most Terra Luna Classic community members supported the proposal as it could increase the visibility and accessibility of the ecosystem for existing and new investors.

As per current voting details, nearly 217 delegators and 31 validators are in favor of the proposal. The overall voting indicates more than 52% “Yes” votes, with a significantly high “Abstain” votes of 37%. Some members of Terra Luna Classic community including validator HappyCattyCrypto believe the links on CMC are centralized, they do not include any of the key metrics or tools on LUNC.

The LUNC community approved proposal to transfer access to top validator Allnodes, it now has ability to implement changes to LUNC and USTC details on CoinMarketCap.

“The updated dashboard will highlight the most relevant and crucial technical resources to support growth, transparency, and community engagement,” as per the proposal.

The community aims to include links for Galaxy Finder, Galaxy Station, Terra Classic Documentation, GitHub Repository, and Commonwealth Forum.

🌖 LUNC and USTC Price Analysis

The market appears bearish for Terra Luna Classic, with LUNC trading for $0.0001319, down 0.16% in 24 hours. LUNC declined by 20.73% within the last seven days, while the 24-hour trading volume dropped 15.64% to $54.4 million.

The declining trading volume suggests reduced investor interest in the token. Still, analysts predict that LUNC will see a big rally similar to XRP’s recent one. However, the analysts’ forecast depends on XRP’s breaking above the $0.00018 resistance.

Some analysts estimate a $0.0005 target for LUNC. The ecosystem’s improved openness in government and community-driven projects has also renewed optimism for LUNC’s future.

Furthermore, a recent token burn of over 3.1 billion LUNC has caught the attention of investors, per a CNF report. This has sparked renewed interest in the token, a major element anticipated to drive further price gains before the year ends.

Regarding TerraClassicUSD (USTC), the price declined slightly by 0.89% in the last 24 hours to trade at $0.02424. Market analysts attribute the price decline to profit-taking. Moreover, the daily trading volume also decreased by 43.15% to $9.75 million, indicating investors reduced interest.