Terra Classic Introduces Tax2Gas Upgrade with Binance’s Support

Binance, the largest cryptocurrency exchange by trading volume, announced it will support Terra Classic’s Tax2Gas network upgrade. In line with this, Binance will pause all deposits and withdrawals involving Terra Luna Classic (LUNC) tokens during the update. The suspension will take effect on September 18 at 10:15 AM (UTC) to ensure smooth implementation of the upgrade. The exchange also confirmed it will provide full technical support to its users during the transition. Binance plans to reopen deposits and withdrawals once the Terra network stabilizes after the update.

This move aligns with Binance’s consistent support for tokens during network upgrades and hard forks. A recent example includes its backing of the Cardano hard fork on September 1, which introduced the Voltaire era to the ecosystem.

Terra Classic to Introduce Automated Tax Calculation

The Tax2Gas upgrade, set for release on September 20, will introduce an automated tax calculation system in Terra Classic’s v3.1.5 upgrade. According to StakeBin, the upgrade will go live at block height 19850000 at approximately 11:27 AM (UTC).

The new system aims to improve the tax process within the LUNC ecosystem. Previously, decentralized application (Dapp) developers manually calculated taxes, which caused inefficiencies and complications. Developer Genuine Labs proposed embedding tax calculations into gas fees, eliminating the manual process and enhancing security and efficiency on the network.

The Terra community supported this proposal, labeled #12120, and it passed with strong backing from validators and delegates.

Efforts to Strengthen the Terra Classic Ecosystem

The Terra Classic community has intensified its efforts to revive the ecosystem by implementing new initiatives. Following the approval of the Tax2Gas proposal, another initiative is now up for vote, focusing on increasing the maximum number of validators in the LUNC ecosystem to 110. A recent SDK update had reduced the number of validators due to the use of outdated modules.

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Despite these ongoing efforts, LUNC’s price remained stable ahead of the upgrade, trading at $0.00008213 with a slight increase of less than 1% in the past 24 hours.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.