Binance, the world’s largest cryptocurrency exchange by trading volume, has announced its support for the Terra Classic ecosystem’s planned Tax2Gas upgrade. As part of this support, Binance has temporarily suspended deposits and withdrawals for the Terra Luna Classic (LUNC) token.
The exchange will halt these transactions until September 18 at 10:15 AM (UTC) to ensure a smooth transition during the upgrade. Binance has pledged to provide technical support to its users throughout the process and will resume LUNC withdrawals and deposits once the Terra network is deemed stable.
This latest move aligns with Binance’s commitment to supporting listed tokens during upgrades and hard forks, as demonstrated by its recent support for the Cardano hard fork.
Terra Classic’s Tax2Gas Upgrade
The Tax2Gas upgrade, which is scheduled to go live at block height 19850000 by 11:27 AM (UTC) on September 18, aims to simplify the tax-handling process for decentralized application (Dapp) developers on the Terra Classic network. Previously, developers had to manually calculate taxes, which was a time-consuming and error-prone process.
The new automated tax calculation method, proposed by Genuine Labs, will embed tax calculations within gas fees, eliminating the need for manual calculations. This will improve the efficiency and security of the Terra Classic network.
Community Support for the Upgrade
The Tax2Gas proposal garnered significant support from the Terra Classic community, with validators and delegates overwhelmingly voting in favor of its implementation. This demonstrates the community’s commitment to improving the network and its ecosystem.
Also Read: LUNC News: Tax2Gas Upgrade Nears Completion, But Price Rebound Uncertain
Terra Classic’s Efforts to Revive the Ecosystem
In addition to the Tax2Gas upgrade, the Terra Classic community has been actively working to revive the ecosystem. A new initiative is currently being voted on to restore the maximum number of validators to 110, which was reduced due to a recent SDK update.
These efforts reflect the community’s desire to attract positive sentiment and traction to the Terra Classic network, which has faced challenges following the collapse of the Terra Luna ecosystem earlier this year.
As the Tax2Gas upgrade takes place, it remains to be seen how it will impact the Terra Classic ecosystem and the value of the LUNC token.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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