đ Terra Luna Classic (#LUNC ) Announces Oracle Split Logic Update, Futures Surge 20%
Terra Luna Classic (LUNC) developers have completed the development of the Oracle Split, an update that is expected to spur a surge in staking.The split will divert community pool rewards from tax burns into the Oracle Pool, with the update expected to take effect on July 26 at block height 19060800.
With staking being the pillar of any healthy DeFi ecosystem, the developers of Terra Luna Classic (LUNC) have announced a long-awaited update that will massively boost staking rewards in the ecosystem.
As Crypto News Flash reported last month, one leading LUNC developer had proposed adjustments to the networkâs burn tax distribution. His proposal allocated 10% of the tax to the Oracle Pool. In the Terra Luna Classic ecosystem, the Oracle module furnishes the network with up-to-date price feeds of exchange rates in the real world and is the foundation of the networkâs DeFi.
As one of the key developers revealed Wednesday, the Oracle split logic has finished and the testnet is ongoing.
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Oracle Split Logic Finished.
âïž Testnet ongoing.
đ Commonwealth â fragwuerdig
The Oracle split is contained in proposals 12098 and 12114, which are part of Release v3.1.0. It will divert community pool rewards to the Oracle Pool, slowing down its depletion rate (the rewards originate from the tax split.
Under the existing mechanisms, Terra Luna Classic has a 0.5% burn rateâ80% of it goes to burns, and the remainder is distributed to rewards and the Community Pool. It is this 20% that the new proposal targets, recommending that it be split between the Community Pool and the Oracle Pool.
The proposal isnât popular in some quarters. A key grievance is its obvious implication on block rewards for LUNC validatorsâunder the new mechanism, block rewards would come exclusively from gas fees. The annual percentage rate is also expected to dip by 0.5%. Some experts have even warned that passing the proposal could lead to immediate price declines.
