- The burning of newly issued money made its way through the community.
- LUNC auditors have approved a proposal to update Terra to version 0.5.22.
when the network goes down, Tera It underwent a radical transformation. Two networks are currently available, Terra 2.0 (LUNA) and Terra Classic (LUNC). However, many cryptocurrency enthusiasts believe that the coin could be a good long-term investment.
Recently, a suggestion to burn newly issued money surfaced across the community, and now the hashtag #LunaClassic is popular. Twitter. Officials recently approved a developer’s plan to restore the economics of supply and demand to the original Terra ecosystem by imposing an additional 1.2% burn tax on all transactions. Furthermore, the community wants Binance to activate 1.2 tax burns after the Terra Classic update.
Tightening demand over supply
Users want to increase the demand for LUNC in order to raise the price of USTC as the quantity of LUNC decreases over time. This strategy will only work if demand grows or remains stable. Not knowing whether people will turn to the network more when resources run out is a major concern.
LUNC auditors, having approved a proposal to update Terra to version 0.5.22, will be able to do so soon. When the network reaches block height 9,109,990 on August 26 at around 22:00 UTC as calculated, all validators will be upgraded.
As a result of positive developments, proponents have pushed the price for some time. When the grid burning tax is applied, the turnover is inevitable. Since it can now only be accessed through the Terra Classic test network, the upgrade isn’t very widespread.
according to CMCTerra Classic price today is $0.000126 USD with a 24-hour trading volume of 216,367,950 USD. Terra Classic is down 4.25% in the past 24 hours.
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Terra LUNC Price Goes Up 13% Amid Massive Burn and Upgrade
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