Terra Classic’s LUNC Staking Ratio Nears ATH with Key Burn Tax Distribution Update and Futures Interest Surge

  • Recent developments in Terra Classic staking have captured the attention of the crypto community.
  • New updates and proposals aim to improve long-term rewards for LUNC staking.
  • The surge in LUNC futures open interest reflects growing investor sentiment.

Stay updated on major updates in the Terra Classic ecosystem, from staking boosts to the latest on LUNC futures.

Key Updates in Terra Classic Staking

Terra Luna Classic’s developer team has made significant strides with the release of v3.1.0, focusing on enhancing long-term staking rewards. This release includes redistribution adjustments that are pivotal for the project’s future. Specifically, 10% of the rewards from burn tax will now be channeled into the Oracle pool instead of the immediate reward pool.

New Distribution Model and Oracle Split Logic

The recently completed Oracle Split logic will redirect community pool rewards from tax burn to the Oracle Pool, thus enhancing long-term staking rewards. The implementation of v3.1.0 necessitates validators and infrastructure providers to upgrade their systems. Testing on testnet is slated for completion before the final rollout on July 26.

Boost in Staking Ratio

The staking ratio for Terra Classic has surged to 15.09%, approaching its all-time high of 15.16%. This rise reflects the community’s confidence in the new updates, aiming to push the staking ratio beyond 20%.

Impact of Burn Tax Update on LUNC

Currently, 0.5% burn tax supports the Terra Classic ecosystem, with 80% dedicated to burn mechanisms and 20% to pool rewards. The new update will decrease the APR by about 0.5%, affecting immediate block rewards. However, experts believe this change will better support long-term staking benefits.

Surge in LUNC Futures Open Interest

According to Coinglass data, LUNC futures open interest has recorded a 20% rise, indicating positive buying sentiment. Notably, Bitget exchange saw a substantial 45.96% increase in Terra Classic futures open interest. This surge underscores growing investor confidence in LUNC.

Market Performance and Trading Volumes

In the past 24 hours, the price of LUNC rose by 1%, fluctuating between $0.00006956 and $0.0000724. The trading volume also spiked by 40%, further signaling heightened interest from investors. Conversely, USTC experienced a 5% drop, trading at $0.0184, with a slight decline in trading volume.

Conclusion

In summary, the Terra Classic ecosystem is undergoing pivotal changes aimed at long-term growth and stability. The community’s proactive steps towards enhancing staking rewards, coupled with a significant uptick in LUNC futures open interest, indicate a promising future. Stakeholders and investors should keep an eye on these developments for potential benefits and strategic investments.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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