In a significant move for the Terra Luna Classic (LUNC) community, the development team has finalized the Oracle Split logic, a feature poised to redirect community pool rewards from tax burns to the Oracle Pool (OP). This strategic shift aims to bolster long-term staking rewards, aligning with the community’s long-term vision for sustainable growth.
Key Developments and Announcements
The release of version 3.1.0 (v3.1.0) was heralded by renowned Terra Classic developer Till Z, known in the community as Fragwuerdig. This release follows the successful passing of proposals 12098 and 12114, which paved the way for this critical update. A proposal is set to be submitted to garner validator and community approval for the v3.1.0 update of the terrad client. The blockchain will undergo a planned halt at block height 19060800, expected to occur on July 26 at 6:30 am UTC.
Validators are advised to update their systems with the v3.1.0 release post-halt. Additionally, infrastructure providers utilizing Mantlemint accelerated LCDs need to install the latest Mantlemint version. A rehearsal upgrade is scheduled on the rebel-2 testnet for July 11, ensuring a smooth transition for the mainnet update.
Changes in Tax Burn Distribution
Currently, the Terra Luna Classic burn tax is set at 0.5%, with an 80% allocation for burns and 20% distributed equally between the Community Pool and rewards. Post-update, the 20% allocation will be split between the Community Pool and the Oracle Pool, enhancing long-term staking rewards. While experts acknowledge a potential impact on immediate block rewards for LUNC users, the long-term benefits for staking and validators are expected to outweigh the initial drawbacks. The Annual Percentage Rate (APR) may see a slight decrease of about 0.5%, contingent on on-chain volumes.
The Terra Classic staking ratio has recently surged to 15.09%, nearing its all-time high of 15.16%. The community is optimistic about reaching a 20% staking ratio, signifying robust participation and confidence in the network’s future.
Market Response and Future Prospects
Recent data from Coinglass reveals a 20% increase in LUNC futures open interest over the past 24 hours, indicating heightened investor interest. Notably, crypto exchange Bitget reported a 45.96% rise in Terra Classic futures open interest. Conversely, 1000LUNC futures open interest experienced a minor 1% drop. Over the past day, LUNC’s price increased by 1%, currently trading at $0.00007099, with a 24-hour trading volume spike of 40%, reflecting strong market engagement.
On the other hand, USTC prices saw a 5% drop, now trading at $0.0184. Despite this, trading volume only declined by 2%, suggesting traders are strategically buying the dip.
The Oracle Split logic development and the forthcoming v3.1.0 update mark pivotal moments for Terra Luna Classic, underscoring the community’s commitment to long-term growth and staking rewards. As the July 26 update approaches, the anticipation within the LUNC community continues to build, promising a new chapter of innovation and resilience for Terra Luna Classic.
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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