Coin exchange rate
$BTC 64168.094 USD (-0.2%) 🔴$LUNC 0.00007612 USD (-1.54%) 🔴$LUNA 0.36435758 USD (-1.74%) 🔴LUNC and USTC Pared Earlier Gains
Terra Luna Classic ecosystem tokens failed to build upside momentum despite the upgrade. LUNC and USTC trading activity remained sluggish. After the burn tax distribution, the community awaits the major Tax2Gas upgrade.
LUNC price fell 0.5% in the last 24 hours, with the price currently trading at $0.00008353. The 24-hour low and high are $0.00008235 and $0.00008578, respectively. However, trading volume has increased by 15% in the last 24 hours. However, LUNC price analysis by CoinGape Markets predicted a rally to $0.0001 after a breakout in lower timeframes.
Coinglass data shows total LUNC futures open interest surged over 2%, but 1000LUNC futures on Binance dropped by 3% in the last 24 hours.
Meanwhile, USTC price also dropped 0.60%, with the price now trading at $0.01979. The 24-hour low and high are $0.01947 and $0.02032, respectively. The trading volume saw a 31% drop over the last day.
Total USTC futures open interest saw mixed trading across crypto exchanges in the last 24 hours. However, some buying notices in the last 4 hours likely due to the Terra Luna Classic upgrade.
Terra Luna Classic ecosystem tokens failed to build upside momentum despite the upgrade. LUNC and USTC trading activity remained sluggish. After the burn tax distribution, the community awaits the major Tax2Gas upgrade.
LUNC price fell 0.5% in the last 24 hours, with the price currently trading at $0.00008353. The 24-hour low and high are $0.00008235 and $0.00008578, respectively. However, trading volume has increased by 15% in the last 24 hours. However, LUNC price analysis by CoinGape Markets predicted a rally to $0.0001 after a breakout in lower timeframes.
Coinglass data shows total LUNC futures open interest surged over 2%, but 1000LUNC futures on Binance dropped by 3% in the last 24 hours.
Meanwhile, USTC price also dropped 0.60%, with the price now trading at $0.01979. The 24-hour low and high are $0.01947 and $0.02032, respectively. The trading volume saw a 31% drop over the last day.
Total USTC futures open interest saw mixed trading across crypto exchanges in the last 24 hours. However, some buying notices in the last 4 hours likely due to the Terra Luna Classic upgrade.
Terra Luna Classic v3.1.3 Launch: Enhanced Staking Rewards and Burn Tax
The Terra Luna Classic community has announced the release of the v3.1.3 upgrade for enhanced staking rewards and burn tax redistribution. The upgrade by popular developer Fragwerdig went live on the Terra Classic chain at block 19108180 on Monday, July 29.
Terra Luna Classic Stabilize Network with v3.1.3 Upgrade
According to a popular crypto analyst, Collin Brown, the LUNC burn tax distribution has been set at 80% burn, 10% Oracle Pool, and 10% Community Pool. This distribution is beneficial to network validators as it will help boost staking rewards and LUNC prices. However, block rewards for validators would come exclusively from gas fees under the new mechanism.
The upgrade diverted the Community Pool rewards from burn tax to the Oracle Pool leveraging Oracle Split logic. This happened without the loss of a single chain block and outage. The upgrade proposal received majority support from validators and delegators with a 99.9 “Yes” vote.
Following the upgrade, the staking ratio recorded a new high with a rise of 15.39%. Meanwhile, the number of staked LUNC rose to 1.04 trillion as investors anticipate an increase in the near term.
Despite the upgrade, tokens in the Terra Luna Classic ecosystem failed to build upward momentum. LUNC declined by 2.5% within the past 24 hours to trade at $0.00008353. However, the trading volume rose 4.8%, within the same period to $13.9 million.
As shown on Coinglass, LUNC futures open interest increased by over 2%, while 1000 LUNC futures on Binance fell by 3% within 24 hours. A further decline was also observed in the USTC token. In the last 24 hours, USTC’s price dropped 2.7% of its value to trade at $0.01974. The trading volume followed a similar path with a 44.6% drop to $6.4 million. However, total USTC futures open interest saw mixed trading across various crypto exchanges.
Surprisingly, some experts cautioned earlier that passing the proposal could lead to immediate price declines. As highlighted in our earlier report, these experts cited a 0.5% annual percentage drop in validators’ block reward as a key issue. In the long run, supporters of the v3.1.3 upgrade believe the shift might benefit the ecosystem, particularly in boosting staking.
The Terra Luna Classic community has announced the release of the v3.1.3 upgrade for enhanced staking rewards and burn tax redistribution. The upgrade by popular developer Fragwerdig went live on the Terra Classic chain at block 19108180 on Monday, July 29.
Terra Luna Classic Stabilize Network with v3.1.3 Upgrade
According to a popular crypto analyst, Collin Brown, the LUNC burn tax distribution has been set at 80% burn, 10% Oracle Pool, and 10% Community Pool. This distribution is beneficial to network validators as it will help boost staking rewards and LUNC prices. However, block rewards for validators would come exclusively from gas fees under the new mechanism.
The upgrade diverted the Community Pool rewards from burn tax to the Oracle Pool leveraging Oracle Split logic. This happened without the loss of a single chain block and outage. The upgrade proposal received majority support from validators and delegators with a 99.9 “Yes” vote.
Following the upgrade, the staking ratio recorded a new high with a rise of 15.39%. Meanwhile, the number of staked LUNC rose to 1.04 trillion as investors anticipate an increase in the near term.
Despite the upgrade, tokens in the Terra Luna Classic ecosystem failed to build upward momentum. LUNC declined by 2.5% within the past 24 hours to trade at $0.00008353. However, the trading volume rose 4.8%, within the same period to $13.9 million.
As shown on Coinglass, LUNC futures open interest increased by over 2%, while 1000 LUNC futures on Binance fell by 3% within 24 hours. A further decline was also observed in the USTC token. In the last 24 hours, USTC’s price dropped 2.7% of its value to trade at $0.01974. The trading volume followed a similar path with a 44.6% drop to $6.4 million. However, total USTC futures open interest saw mixed trading across various crypto exchanges.
Surprisingly, some experts cautioned earlier that passing the proposal could lead to immediate price declines. As highlighted in our earlier report, these experts cited a 0.5% annual percentage drop in validators’ block reward as a key issue. In the long run, supporters of the v3.1.3 upgrade believe the shift might benefit the ecosystem, particularly in boosting staking.
Coin exchange rate
$BTC 61670.818 USD (-3.9%) 🔴$LUNC 0.00007402 USD (-2.74%) 🔴$LUNA 0.34928394 USD (-4.08%) 🔴What’s Next for Terra Luna Classic
Following the burn tax upgrade, the Terra Luna Classic community awaits another major implementation, Tax2Gas scheduled for the end of July. According to our earlier report, this implementation is expected to simplify transactions for developers and users by integrating burn tax directly into gas fees.
This integration eliminates the need for manual calculation of burn tax by dApp developers, enhancing user experience on the Terra Classic network. The community is debating a proposal to raise the burn tax to 1.2%, aiming to boost LUNC’s price by encouraging token burns on transactions.
Following the burn tax upgrade, the Terra Luna Classic community awaits another major implementation, Tax2Gas scheduled for the end of July. According to our earlier report, this implementation is expected to simplify transactions for developers and users by integrating burn tax directly into gas fees.
This integration eliminates the need for manual calculation of burn tax by dApp developers, enhancing user experience on the Terra Classic network. The community is debating a proposal to raise the burn tax to 1.2%, aiming to boost LUNC’s price by encouraging token burns on transactions.
Terra Luna Classic Contemplates Increasing Burn Tax to 1.5%: Could It Revive Token Prices?
Members of the Terra Luna Classic (LUNC) community are currently debating a proposal to raise the burn tax rate from 0.5% to 1.5%. This proposal, presented by Terra Classic validator JesusisLord, seeks to raise the on-chain tax rate. The proposed change involves keeping the burn tax rate as it is today until the total LUNC supply reaches 10 billion tokens, a threshold set during the initial burn tax mechanism integration.
Under the current system, the 0. 5% burn tax is divided into two parts: 80% is directed towards the burn mechanism, and the remaining 20% is split between the community and oracle pools. Precisely, the 20% distribution is split between the community pool at 10% and the oracle pool at 10%. The previous v3. 1. 3 upgrade has made sure that the Oracle pool gets its due 10% of the burn tax.
Members of the Terra Luna Classic (LUNC) community are currently debating a proposal to raise the burn tax rate from 0.5% to 1.5%. This proposal, presented by Terra Classic validator JesusisLord, seeks to raise the on-chain tax rate. The proposed change involves keeping the burn tax rate as it is today until the total LUNC supply reaches 10 billion tokens, a threshold set during the initial burn tax mechanism integration.
Under the current system, the 0. 5% burn tax is divided into two parts: 80% is directed towards the burn mechanism, and the remaining 20% is split between the community and oracle pools. Precisely, the 20% distribution is split between the community pool at 10% and the oracle pool at 10%. The previous v3. 1. 3 upgrade has made sure that the Oracle pool gets its due 10% of the burn tax.
Coin exchange rate
$BTC 60314.137 USD (-2.15%) 🔴$LUNC 0.00007037 USD (-4.93%) 🔴$LUNA 0.33147021 USD (-5.11%) 🔴Proposed Tax Hike Triples Burn Rate
If the burn tax is increased to the level of 1.5%, then the burn tax allocation will increase from 0.4% to 1.2%. This adjustment would effectively triple the contribution rates to both the community pool and the oracle pool. The rise in the burning tax is expected to quicken the pace of burning LUNC and USTC tokens, as well as increase funding for the community pool and the oracle pool, which supports long-term staking rewards.
According to Validator JesusisLord, this will result in a significant upswing in the rate of token burn, thus boosting the financial backing for community projects and the staking rewards. However, this proposal will go to the governance voting only if the Tax2Gas mechanism can be successfully deployed on-chain. The core developer of Tax2Gas Genuine Labs has estimated that the software will be up and running by August.
If the burn tax is increased to the level of 1.5%, then the burn tax allocation will increase from 0.4% to 1.2%. This adjustment would effectively triple the contribution rates to both the community pool and the oracle pool. The rise in the burning tax is expected to quicken the pace of burning LUNC and USTC tokens, as well as increase funding for the community pool and the oracle pool, which supports long-term staking rewards.
According to Validator JesusisLord, this will result in a significant upswing in the rate of token burn, thus boosting the financial backing for community projects and the staking rewards. However, this proposal will go to the governance voting only if the Tax2Gas mechanism can be successfully deployed on-chain. The core developer of Tax2Gas Genuine Labs has estimated that the software will be up and running by August.
LUNC and USTC Prices React to Burn Tax Proposal
The public has been divided on the burn tax proposal. The price of LUNC declined by 3% in the last 24 hours and was trading at $0.00008043. The lowest and highest prices for this period were $0. 0000807 and $0. 0000843, respectively. Also, trading volume has declined by 21% in the last one day.
Also, USTC fluctuated and reduced its price by 3.72%, and it traded at $0. 01894. USTC was trading at $0. 01878 at its lowest and $0. 01985 at its highest within the 24-hour period, with trading volume decreasing by 6% in the same period.
The community’s opinions on the possible advantages and disadvantages of raising the burn tax rate are still split. There are fears that large exchanges like Binance may halt the LUNC burn mechanism if the tax rate is raised. This has created some controversy over the proposal, as the potential benefits of a higher burn tax are considered against the potential decline in exchange support. As the discussion goes on, the Terra Luna Classic community is still paying attention to the changes made regarding Tax2Gas and the change in the burn tax proposal.
The public has been divided on the burn tax proposal. The price of LUNC declined by 3% in the last 24 hours and was trading at $0.00008043. The lowest and highest prices for this period were $0. 0000807 and $0. 0000843, respectively. Also, trading volume has declined by 21% in the last one day.
Also, USTC fluctuated and reduced its price by 3.72%, and it traded at $0. 01894. USTC was trading at $0. 01878 at its lowest and $0. 01985 at its highest within the 24-hour period, with trading volume decreasing by 6% in the same period.
The community’s opinions on the possible advantages and disadvantages of raising the burn tax rate are still split. There are fears that large exchanges like Binance may halt the LUNC burn mechanism if the tax rate is raised. This has created some controversy over the proposal, as the potential benefits of a higher burn tax are considered against the potential decline in exchange support. As the discussion goes on, the Terra Luna Classic community is still paying attention to the changes made regarding Tax2Gas and the change in the burn tax proposal.
Coin exchange rate
$BTC 52797.714 USD (-12.42%) 🔴$LUNC 0.00006098 USD (-13.34%) 🔴$LUNA 0.27663840 USD (-16.54%) 🔴LUNC News: Terra Classic Not Impacted By Terra Hack, Here’s Why
Terra, which is a Phoenix-1 blockchain, suffered an exploit as they used an internal forked IBC-go 7.3 version that remained without an update since last year. In contrast, Terra Classic which also maintained inter-blockchain communication (IBC) dependency remained unaffected due to a major upgrade by core developer Genuine Labs months ago.
Terra, which is a Phoenix-1 blockchain, suffered an exploit as they used an internal forked IBC-go 7.3 version that remained without an update since last year. In contrast, Terra Classic which also maintained inter-blockchain communication (IBC) dependency remained unaffected due to a major upgrade by core developer Genuine Labs months ago.
Terra Classic Avoided Security Exploit
Terra Classic, the original Terra blockchain by Terraform Labs, remained unaffected by a recent hack on Terra (Phoenix chain). An unidentified attacker exploited a vulnerability in a third-party module known as IBC hooks, used for cross-chain contract interactions and token transfers.
Terra Classic core developer Genuine Labs took to the X platform to reveal to the wider community that LUNC is not impacted by the hack.
“About the latest exploitation happened on Terra Money (phoenix-1), we are happy to announce that Terra Classic is not affected since we patched it back in May with our V3 upgrade,” said Genuine Labs.
LUNC also depends on inter-blockchain communication (IBC) protocols to interact and transfer tokens between other blockchains.
Ethan Buchman, co-founder of Cosmos, expressed disappointment with the latest Terra hack as the community already faces Terraform Labs bankruptcy. He said Terra was initially patched for vulnerability but seems to have accidentally reverted in their June upgrade.
Terra Classic, the original Terra blockchain by Terraform Labs, remained unaffected by a recent hack on Terra (Phoenix chain). An unidentified attacker exploited a vulnerability in a third-party module known as IBC hooks, used for cross-chain contract interactions and token transfers.
Terra Classic core developer Genuine Labs took to the X platform to reveal to the wider community that LUNC is not impacted by the hack.
“About the latest exploitation happened on Terra Money (phoenix-1), we are happy to announce that Terra Classic is not affected since we patched it back in May with our V3 upgrade,” said Genuine Labs.
LUNC also depends on inter-blockchain communication (IBC) protocols to interact and transfer tokens between other blockchains.
Ethan Buchman, co-founder of Cosmos, expressed disappointment with the latest Terra hack as the community already faces Terraform Labs bankruptcy. He said Terra was initially patched for vulnerability but seems to have accidentally reverted in their June upgrade.
Coin exchange rate
$BTC 56125.763 USD (+6.42%) 🟢$LUNC 0.00006733 USD (+10.37%) 🟢$LUNA 0.31502040 USD (+13.87%) 🟢Community Response and Security Measures
The Terra community has been vocal about the recent hack. A report noted the sadness over the ASTRO hack on Terra, highlighting that Terra was initially patched but accidentally reverted the fix in an upgrade.
Meanwhile, this lapse allowed the exploit to occur. The use of a forked version of IBC made it difficult to stay up-to-date with security patches. This incident calls for an ecosystem-wide effort to minimize forks and ensure timely updates.
A report detailed that Terra (Phoenix chain) was exploited because they used an outdated fork of ibc-go 7.3.x, last updated in September 2023. This version missed the critical exploit patch uncovered in April 2024.
Following the hack, Terra upgraded to ibc-go >7.4.1 to address the vulnerability. A user pointed out that LUNC also maintains an internal IBC-go dependency but avoided the security exploit due to a significant upgrade led by Genuine Labs in May 2024, which included a patch to v7.4.0.
The Terra community has been vocal about the recent hack. A report noted the sadness over the ASTRO hack on Terra, highlighting that Terra was initially patched but accidentally reverted the fix in an upgrade.
Meanwhile, this lapse allowed the exploit to occur. The use of a forked version of IBC made it difficult to stay up-to-date with security patches. This incident calls for an ecosystem-wide effort to minimize forks and ensure timely updates.
A report detailed that Terra (Phoenix chain) was exploited because they used an outdated fork of ibc-go 7.3.x, last updated in September 2023. This version missed the critical exploit patch uncovered in April 2024.
Following the hack, Terra upgraded to ibc-go >7.4.1 to address the vulnerability. A user pointed out that LUNC also maintains an internal IBC-go dependency but avoided the security exploit due to a significant upgrade led by Genuine Labs in May 2024, which included a patch to v7.4.0.
Coin exchange rate
$BTC 56953.074 USD (+1.47%) 🟢$LUNC 0.00006854 USD (+1.8%) 🟢$LUNA 0.31923605 USD (+1.34%) 🟢Terra Classic (LUNC) is exhibiting signs of potential stability despite recent turbulence in the broader cryptocurrency market. Overall, LUNC has eroded almost 13.98% in the last week, data compiled at the time of writing shows. Subsequently, Bitcoin slipped from its all-time high of $70,000 to $66,000, which has led to increased bearishness within the market. High volatility has, in one way or another, affected many altcoins, including Terra Classic, which has extended to the fluctuating market.
However, contrary to this downturn, LUNC has proven to be quite ‘bullish.’ Over the past 30 days, it has slid a mere 1.26% down. Such relative stability gives hope that Terra Classic could weather well in the current standing market condition and maybe begin an upward move.
As of today, Terra Classic is valued at $0.0000736. Its 24-hour trading volume is $14.67 million, and its market capitalization is $400 million, with a market dominance of 0.02%. Over the past 24 hours, the price has decreased by 3.84%, reflecting the prevailing market conditions.
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Crypto Analyst Predicts Bullish Move for Terra Classic
Javon Marks, a prominent crypto analyst, has made an optimistic prediction regarding Terra Classic (LUNC). In his forecast, Marks points to a bullish move for LUNC to rise in value in the near future, illustrating a regular bull divergence that is important in technical analysis. This indicator is usually considered to be a bullish reversal, which means that LUNC’s price may change its current direction from a downward one to an upward one.
Marks has set a target price of $0.00042986, which means a potential upside of more than 405% from the current price levels. This forecast gives an indication of an actualization that will be more than five-fold on the investment. In this case, Marks believes that it is possible to achieve this target, and this could occur in the near future, given the existing market conditions. Marks’ prediction is buoyed by recent market behavior, which shows LUNC holding steady with signs of a potential breakout.
Javon Marks, a prominent crypto analyst, has made an optimistic prediction regarding Terra Classic (LUNC). In his forecast, Marks points to a bullish move for LUNC to rise in value in the near future, illustrating a regular bull divergence that is important in technical analysis. This indicator is usually considered to be a bullish reversal, which means that LUNC’s price may change its current direction from a downward one to an upward one.
Marks has set a target price of $0.00042986, which means a potential upside of more than 405% from the current price levels. This forecast gives an indication of an actualization that will be more than five-fold on the investment. In this case, Marks believes that it is possible to achieve this target, and this could occur in the near future, given the existing market conditions. Marks’ prediction is buoyed by recent market behavior, which shows LUNC holding steady with signs of a potential breakout.
Coin exchange rate
$BTC 57213.132 USD (+0.46%) 🟢$LUNC 0.00006739 USD (-1.69%) 🔴$LUNA 0.31653111 USD (-0.88%) 🔴Binance Conducts Massive Token Burn to Reduce LUNC Supply
Although the market had a general bearish trend, the Terra Classic futures market presented bullish trends at the end of the week. The Coinglass data revealed a weekly change of +0.56 in LUNC futures open interest.
It is worth noting that Binance recently conducted a substantial burn of Terra Classic (LUNC) tokens on August 1, 2024. The exchange successfully burnt 1,149,430,203 tokens in a single transaction of LUNC tokens.
According to Luncmetrics, the tokens were transferred from the wallet address “terra18…24sqe” to a dead address, effectively reducing the total supply of LUNC.
Binance’s August burn contrasts with previous higher-volume burns. In June, the exchange incinerated 1.7 billion LUNC tokens, marking a significant increase from the August figure. The largest burn this year occurred on January 1, when Binance destroyed 5.5 billion LUNC tokens. A record burn of 8.8 billion tokens was achieved in March 2023.
Although the market had a general bearish trend, the Terra Classic futures market presented bullish trends at the end of the week. The Coinglass data revealed a weekly change of +0.56 in LUNC futures open interest.
It is worth noting that Binance recently conducted a substantial burn of Terra Classic (LUNC) tokens on August 1, 2024. The exchange successfully burnt 1,149,430,203 tokens in a single transaction of LUNC tokens.
According to Luncmetrics, the tokens were transferred from the wallet address “terra18…24sqe” to a dead address, effectively reducing the total supply of LUNC.
Binance’s August burn contrasts with previous higher-volume burns. In June, the exchange incinerated 1.7 billion LUNC tokens, marking a significant increase from the August figure. The largest burn this year occurred on January 1, when Binance destroyed 5.5 billion LUNC tokens. A record burn of 8.8 billion tokens was achieved in March 2023.
Terra LUNA Classic Votes On Major Tax2Gas Proposal, LUNC To $0.0001?
Terra LUNA Classic community votes on Tax2Gas proposal to streamline gas fees and tax conversions, while a recent analysis hints at LUNC rally to $0.0001.
The Terra LUNA Classic community is keeping a close track as Genuine Labs starts voting on the Tax2Gas proposal. The implementation primarily focuses on streamlining gas fees and tax conversions, which in turn could bump up the LUNC value. The proposal, which has already received immense support from the community, marks a critical development for the Terra LUNA Classic’s future.
Terra LUNA Classic community votes on Tax2Gas proposal to streamline gas fees and tax conversions, while a recent analysis hints at LUNC rally to $0.0001.
The Terra LUNA Classic community is keeping a close track as Genuine Labs starts voting on the Tax2Gas proposal. The implementation primarily focuses on streamlining gas fees and tax conversions, which in turn could bump up the LUNC value. The proposal, which has already received immense support from the community, marks a critical development for the Terra LUNA Classic’s future.
Coin exchange rate
$BTC 60837.671 USD (+6.32%) 🟢$LUNC 0.00007056 USD (+4.72%) 🟢$LUNA 0.32766419 USD (+3.48%) 🟢