- Binance, the largest crypto exchange by trading volume, will halt operations on September 18 at 10:15 AM (UTC) to support the Tax2Gas Upgrade.
- The Terra Luna Classic ecosystem will transition to a more efficient tax calculation method today and is expected to occur at block height 19850000, around 11:27 AM UTC.
Binance, the greatest crypto exchange by market value, has long been a dedicated supporter of the LUNC token. In a recent development, Binance announced that it will provide substantial support to the Terra ecosystem in its arranged Tax2Gas upgrade.
In support of the May 2022 crash victim, Binance announced that it would be halting operations by September 18 at 10.15 AM (UTC) to support the upgrade. On top of that, Binance also announced that it would be offering technical support to its users to ensure smooth transitioning. Once the transition and smooth operation of the token are achieved, Binance will only then, resume normal operation of the digital asset.
Just a week ago, the upgrade development team received criticism from the community questioning the delay in the release of the Tax2Gas upgrade. Tackling the matter, Genuine Labs, L1 developer of Terra Luna Classic explicitly confessed that the team was experiencing in-team rivalries including bullying, harassment, and roles that were not well defined and these factors might have largely contributed to the delay.
Binance has always shown unwavering support to tokens listed on the platform as they evolve, including upgrades and hard forks. The most recent instance is Cardano’s Chang Hard Fork, which took place on September 1st and saw Cardano transition into a more community-driven governance system.
Terra Luna Classic Ecosystem Adopts Automated Tax Calculation with Tax2Gas Upgrade
The Tax2Gas upgrade is expected to be a game-changer in Lunc’s ecosystem. This upgrade is meant to curb the hindrances faced by contract developers who have to come up with a burning tax themselves.
The Terra Luna Classic ecosystem will transition to a more efficient tax calculation method today with the upgrade to v3.1.5. This shift is expected to occur at block height 19850000, around 11:27 AM UTC.
The Tax2Gas upgrade, facilitated by the StakeBin platform, aims to streamline the tax-handling process within the LUNC ecosystem. To address these issues, Genius Lab proposed integrating tax calculations directly into gas fees. This innovative approach eliminates the need for DApp developers to perform complex tax calculations manually, improving the overall efficiency of the Terra Luna Classic network.
The Genius Lab proposal received overwhelming support from the community. Following a successful vote, the Tax2Gas initiative, designated as #12120, garnered widespread approval from validators and delegates across the network.
Just like most of the cryptocurrencies in the market, Terra Luna is having a hard time maintaining an upward price momentum. At the time of press, LUNA is swapping hands with $0.3739 marking a 1.84% and 2.18% decline in the past 24 hours and past week respectively.
