Terra Luna Classic Developers Finalize Tax Distribution Upgrade, LUNC Price Rises 27%

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Terra Luna Classic developers are making substantial progress to prepare for the forthcoming tax distribution upgrade.
The collaboration includes key developers like StrathCole and Genuine Labs, who have significantly contributed to the process.
LUNC and USTC have seen price increases, driven by the broader market recovery and anticipation of the upgrade.

Discover the latest on Terra Luna Classic as developers gear up for a crucial tax distribution upgrade, propelling LUNC and USTC prices amid market recovery.

Progress in Terra Luna Classic’s Tax Distribution Upgrade

Terra Luna Classic developers have finalized the details for the upcoming tax distribution upgrade. Following the completion of Oracle Split logic, which diverts community pool rewards from tax burns to the Oracle Pool (OP), the developers have released an updated terrad client. The client is designed to reroute short-term rewards to long-term gains, albeit with a slight delay caused by block speed issues.

Developer Contributions and Collaborative Efforts

The Release v3.1.3 was notably spearheaded by Till Z, a prominent figure in the Terra Classic community. This update, facilitated by collaboration with developers like StrathCole, follows the community-approved proposals 12098 and 12114. A proposal for validator and community approval to update the terrad client to v3.1.3 will soon be submitted, with a chain halt expected to occur at block height 19108180, around July 29 at 13:00 UTC.

Technical Developments and Optimization

According to the GitHub documentation, key tasks included fixing parameter keys, adjusting the Oracle Split logic, and updating to wasmvm v1.5.2 to prevent memory leaks. Redirecting block rewards to the Oracle Pool will slow its depletion rate, shifting the focus from short-term to long-term rewards. Genuine Labs addressed security issues and memory leaks by updating the wasmvm to its latest version.

Validator and Infrastructure Updates

Post-chain halt, validators must update to the latest v3.1.3 release. Infrastructure providers using mantlemint accelerated LCDs also need to update to the latest mantlemint version to ensure operational efficiency and security.

Market Reaction and Price Movements

Terra Luna Classic (LUNC) has seen a significant price increase, rallying over 27% this week following market corrections. Within the last 24 hours, LUNC prices rose by more than 1%, currently trading at $0.00009066. The 24-hour trading range has been between $0.00008865 and $0.00009411, although trading volume has slightly decreased.

USTC Market Performance

Similarly, USTC has experienced a 2% price increase, with current trading levels at $0.02069. The 24-hour low and high are recorded at $0.02011 and $0.02161, respectively. This week’s performance indicates a 28% price surge.

Conclusion

In summary, Terra Luna Classic’s developers are rapidly advancing the tax distribution upgrade, which is poised to bolster long-term rewards and enhance security. The collaborative efforts and technical enhancements highlight the developers’ commitment to the project. As the market shows positive trends, the upcoming upgrade could further solidify confidence in LUNC and USTC among investors.