Binance, the world’s largest exchange by trading volume, announces it will support the Terra Classic ecosystem in its planned Tax2Gas upgrade.
Per the announcement, Binance will suspend all deposits and withdrawals pertaining to the Terra Luna Classic (LUNC) token amid the update. The exchange would temporarily halt these transactions by September 18 at 10.15 AM (UTC) to support the upgrade.
The leading exchange also pledged to provide all technical support for its users during the upgrade to enhance a smooth transition. Binance noted it would reopen withdrawals and deposits of the LUNC token on its platform when the Terra network is deemed stable after the upgrade.
Notably, Binance has upheld a culture of supporting tokens listed on its platform during upgrades and hard forks. Its latest effort was evident in the Cardano hard fork on September 1. The Chang upgrade saw the Cardano ecosystem enter the community-governed Voltaire era.
Terra to Debut Automated Tax Calculation
The Wednesday upgrade to v3.1.5 will see the Terra Classic ecosystem switch to an automated tax calculation method. Per Terra’s StakeBin platform, the upgrade will go live at block height 19850000 by 11:27 AM (UTC).
The Tax2Gas upgrade aims to boost the LUNC ecosystem’s tax-handling process. Before now, decentralized application developers manually calculated taxes on the network, leading to several complications.
However, developer Genuine Labs proposed averting this complication by embedding tax calculation with gas fees. This aims to remove the rigorous process of labor-intensive tax calculations for Dapp developers and improve the efficiency and security of the Terra Luna Classic network.
The Genuine Labs proposal was put to voting, and the community fancied the automated tax process. Per Validator Info, the #12120-taged Tax2Gas initiative garnered support from validators and delegates in the network, with almost all participants voting for the idea. Eventually, the proposal passed, and its implementation is set for today.
Terra Classic Ramps up Effort to Boost Ecosystem
The Terra Classic ecosystem has ramped up efforts to revive its ecosystem through initiative implementations. The community is eager to draw positive sentiments and traction to the network.
Following the Tax2Gas proposal, a new initiative has been put up for vote to further bolster the network’s security and efficiency. The community is voting to restore the maximum number of validators in the LUNC ecosystem to 110. A recent SDK update saw developers use an outdated module, which reduced the number of validators.
LUNC remained almost flat hours to the Tax2Gas upgrade. At the time of writing, it was trading at $0.00008213, up less than 1% in the past 24 hours.
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