GenuineLabs
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🚀 Exciting News for the Terra Luna Classic Community! 🚀
We're thrilled to announce that Genuine Labs' proposal for significant core updates has been officially approved by the Terra Luna Classic community. These updates are set to bolster security, functionality, and interoperability within our ecosystem.
With enhancements and optimizations to Wasmd, IBC Go, and Cosmos SDK, Proposal 12088, "Genuine Labs' security upgrade packages," has received an overwhelming 99.95% "Yes" vote, showcasing tremendous support from validators such as Allnodes, Orion, Interstellar Lounge, Stakely, and JesusIsLord.
Genuine Labs aims to implement these crucial upgrades over an 8-week period, with an estimated budget of $30,000. The upgrades, starting with Cosmos SDK 0.47 and followed by Cosmos SDK 0.50.1, promise enhanced security, improved interoperability, and developer-friendly enhancements for applications within our beloved Cosmos network.
In addition to these exciting developments, we've observed a notable increase in the LUNC burn rate, with an average daily burn of 200 million tokens and a total of 1.3 billion LUNC tokens burned this week alone. This decline in supply has contributed to a more than 2% rise in futures open interest on major derivatives exchanges.
On the price front, LUNC has seen a 1% increase over the past 24 hours and an impressive 12% surge over the week, currently trading at $0.000193. With analysts speculating a potential breakout above $0.0005, anticipation is high for what lies ahead in our Terra Luna Classic journey!
Stay tuned for more updates as we continue to innovate and grow together.
#TerraLunaClassic #GenuineLabs
🚀 Exciting News for the Terra Luna Classic Community! 🚀
We're thrilled to announce that Genuine Labs' proposal for significant core updates has been officially approved by the Terra Luna Classic community. These updates are set to bolster security, functionality, and interoperability within our ecosystem.
With enhancements and optimizations to Wasmd, IBC Go, and Cosmos SDK, Proposal 12088, "Genuine Labs' security upgrade packages," has received an overwhelming 99.95% "Yes" vote, showcasing tremendous support from validators such as Allnodes, Orion, Interstellar Lounge, Stakely, and JesusIsLord.
Genuine Labs aims to implement these crucial upgrades over an 8-week period, with an estimated budget of $30,000. The upgrades, starting with Cosmos SDK 0.47 and followed by Cosmos SDK 0.50.1, promise enhanced security, improved interoperability, and developer-friendly enhancements for applications within our beloved Cosmos network.
In addition to these exciting developments, we've observed a notable increase in the LUNC burn rate, with an average daily burn of 200 million tokens and a total of 1.3 billion LUNC tokens burned this week alone. This decline in supply has contributed to a more than 2% rise in futures open interest on major derivatives exchanges.
On the price front, LUNC has seen a 1% increase over the past 24 hours and an impressive 12% surge over the week, currently trading at $0.000193. With analysts speculating a potential breakout above $0.0005, anticipation is high for what lies ahead in our Terra Luna Classic journey!
Stay tuned for more updates as we continue to innovate and grow together.
#TerraLunaClassic #GenuineLabs
🌖 Terra Luna Classic’s Biggest Upgrade Tax2Gas Draws Near
#GenuineLabs , a core L1 developer of community-led blockchain #TerraClassic , broke the silence after the community complained about the delay in the upgrade. The developer revealed that it resolved some internal issues among the team, which involved threats, harassment, and responsibility deviation.
Major work on Tax2gas is completed. The team will further focus on testing on the rebel testnet until satisfaction is met to provide the #TerraLunaClassic blockchain with a better upgrade.
“We would like to address that any information coming from any participant that is not Genuine Labs or LUNCLIVE is misleading and in no way form or fashion a statement from Genuine #labs as we haven’t had any contact with anyone other person or entity,” said Genuine Labs.
As CoinGape reported earlier, Tax2Gas upgrade is game-changing as it will resolve issues including contract developers’ need to calculate the burn tax manually. The issues are — clients or dApps have to calculate the tax themselves as the simulation endpoint only provides gas estimates. Migrating audited dApps becomes cumbersome due to these Classic-specific adjustments, leading to potential re-audits.
#USNonFarmPayrollReport
#GenuineLabs , a core L1 developer of community-led blockchain #TerraClassic , broke the silence after the community complained about the delay in the upgrade. The developer revealed that it resolved some internal issues among the team, which involved threats, harassment, and responsibility deviation.
Major work on Tax2gas is completed. The team will further focus on testing on the rebel testnet until satisfaction is met to provide the #TerraLunaClassic blockchain with a better upgrade.
“We would like to address that any information coming from any participant that is not Genuine Labs or LUNCLIVE is misleading and in no way form or fashion a statement from Genuine #labs as we haven’t had any contact with anyone other person or entity,” said Genuine Labs.
As CoinGape reported earlier, Tax2Gas upgrade is game-changing as it will resolve issues including contract developers’ need to calculate the burn tax manually. The issues are — clients or dApps have to calculate the tax themselves as the simulation endpoint only provides gas estimates. Migrating audited dApps becomes cumbersome due to these Classic-specific adjustments, leading to potential re-audits.
#USNonFarmPayrollReport
🌖 The Highly-Awaited $LUNC Burn Tax Raise
The critical chain upgrade accelerates the #LUNC✅ burn tax rate from 0.5% to 1.5%. While the 1.2% burn tax rate was intended before #TerraLunaClassic ’s system crash in May 2022, the extra 0.3% is set to fund further development and renovation of the chain.
While the #LUNCcommunity blessed proposal #12120, “Genuine Labs’s Tax2gas Implementation,” in early August 2024, Genuine Labs, the developer company responsible for executing this order, was off the radar for most of August. The company broke its silence on September 6, 2024, dishing out a couple of critical LUNC updates.
#GenuineLabs first addressed the internal conflicts among team members, pledging to have found a viable solution to the “threats, harassment and responsibility deviation.”
Moreover, the developer company raised concerns about misleading information from third parties and concluded that LUNC enthusiasts should only expect updates from Genuine Labs’ official handle or LUNCLIVE.
#CPI_BTC_Watch
The critical chain upgrade accelerates the #LUNC✅ burn tax rate from 0.5% to 1.5%. While the 1.2% burn tax rate was intended before #TerraLunaClassic ’s system crash in May 2022, the extra 0.3% is set to fund further development and renovation of the chain.
While the #LUNCcommunity blessed proposal #12120, “Genuine Labs’s Tax2gas Implementation,” in early August 2024, Genuine Labs, the developer company responsible for executing this order, was off the radar for most of August. The company broke its silence on September 6, 2024, dishing out a couple of critical LUNC updates.
#GenuineLabs first addressed the internal conflicts among team members, pledging to have found a viable solution to the “threats, harassment and responsibility deviation.”
Moreover, the developer company raised concerns about misleading information from third parties and concluded that LUNC enthusiasts should only expect updates from Genuine Labs’ official handle or LUNCLIVE.
#CPI_BTC_Watch
🌖 #LUNC✅ News: Core Developer Confirms Completion of Tax2Gas Upgrade – Will $LUNC and $USTC Prices Rebound?
#TerraLunaClassic ’s core development team is preparing for a significant network upgrade, Tax2Gas, which is expected to improve the blockchain’s functionality and potentially impact LUNC’s price. Although the development team has finalized the work on the upgrade, the testing process of the upgrade is still in progress on the rebel testnet to
Recently, #GenuineLabs , an L1 developer of Terra Luna Classic, responded to the community’s questions about Tax2Gas’s delayed launch. The team admitted that they had some problems within the team, such as rivalry within the group. These challenges were comprised of intimidation, harassment, and roles that were not well defined, and they are said to have contributed to the delay. However, Genuine #labs said that these problems have been sorted out, and the team is now free to work on the upgrade.
The developer also released a statement saying that any information not coming from either Genuine Labs or LUNCLIVE should be considered unreliable. This was due to the community receiving mixed information from different sources, and the development team wanted to clarify things as the only official source of information.
#BinanceLaunchpoolHMSTR
#TerraLunaClassic ’s core development team is preparing for a significant network upgrade, Tax2Gas, which is expected to improve the blockchain’s functionality and potentially impact LUNC’s price. Although the development team has finalized the work on the upgrade, the testing process of the upgrade is still in progress on the rebel testnet to
Recently, #GenuineLabs , an L1 developer of Terra Luna Classic, responded to the community’s questions about Tax2Gas’s delayed launch. The team admitted that they had some problems within the team, such as rivalry within the group. These challenges were comprised of intimidation, harassment, and roles that were not well defined, and they are said to have contributed to the delay. However, Genuine #labs said that these problems have been sorted out, and the team is now free to work on the upgrade.
The developer also released a statement saying that any information not coming from either Genuine Labs or LUNCLIVE should be considered unreliable. This was due to the community receiving mixed information from different sources, and the development team wanted to clarify things as the only official source of information.
#BinanceLaunchpoolHMSTR
Genuine Labs Finally Breaks Silence on Their LUNC Work
Genuine Labs, known for their work on the tax2gas mechanism for LUNC, went silent on August 24, 2024, causing uncertainty in the community. Today, they finally released an update, reassuring LUNC holders that their work continues.Their contributions, especially in making LUNC transactions more efficient, are crucial for the future of $LUNC . The recent silence led to doubts, but this announcement is a positive sign that LUNC is back on track.Let’s stay updated and support the ongoing development to ensure a strong future for LUNC!$LUNC #LUNC #GenuineLabs #CryptoNews #BinanceSquare $LUNC
tax2gas almost finish. 1.5% tax prop after tax2gas! be prepared. stake with LUNC SWAP validator to support 1.5% Tax!
Genuine Labs, known for their work on the tax2gas mechanism for LUNC, went silent on August 24, 2024, causing uncertainty in the community. Today, they finally released an update, reassuring LUNC holders that their work continues.Their contributions, especially in making LUNC transactions more efficient, are crucial for the future of $LUNC . The recent silence led to doubts, but this announcement is a positive sign that LUNC is back on track.Let’s stay updated and support the ongoing development to ensure a strong future for LUNC!$LUNC #LUNC #GenuineLabs #CryptoNews #BinanceSquare $LUNC
tax2gas almost finish. 1.5% tax prop after tax2gas! be prepared. stake with LUNC SWAP validator to support 1.5% Tax!
🌖 Is the $LUNC Burn Upgrade Completed?
Due to popular demand, #TerraLunaClassic ’s Tax2Burn upgrade could drastically reduce the overprinted supply. However, several network delegators and validators have complained about the delay in executing this already-approved proposal.
Fortunately, #GenuineLabs stated in a September 6, 2024 message that “Tax2Gas is finished” and that the developers are now focusing on providing the chain with a “Finished product deployable on-chain.” The message asserted that further testing would be done on the Rebel testnet “until satisfaction is met.”
While the message didn’t specify when this testing is to be completed, #LUNC✅ ’s chain recently received other crucial upgrades that could impact LUNC’s price in the near future.
Specifically, #TerraformLabs reopened the Shuttle Bridge as part of the bankruptcy process. The Shuttle Bridge lets holders return their wrapped Terra Luna Classic coins to the original network.
After a preliminary period of 30 days, all LUNC and #TerraClassic USD ($USTC ) assets remaining in this Shuttle Bridge will be burnt, potentially adding a substantial contribution to Terra Luna Classic’s communal burning efforts and the hiked LUNC burn tax rate.
Due to popular demand, #TerraLunaClassic ’s Tax2Burn upgrade could drastically reduce the overprinted supply. However, several network delegators and validators have complained about the delay in executing this already-approved proposal.
Fortunately, #GenuineLabs stated in a September 6, 2024 message that “Tax2Gas is finished” and that the developers are now focusing on providing the chain with a “Finished product deployable on-chain.” The message asserted that further testing would be done on the Rebel testnet “until satisfaction is met.”
While the message didn’t specify when this testing is to be completed, #LUNC✅ ’s chain recently received other crucial upgrades that could impact LUNC’s price in the near future.
Specifically, #TerraformLabs reopened the Shuttle Bridge as part of the bankruptcy process. The Shuttle Bridge lets holders return their wrapped Terra Luna Classic coins to the original network.
After a preliminary period of 30 days, all LUNC and #TerraClassic USD ($USTC ) assets remaining in this Shuttle Bridge will be burnt, potentially adding a substantial contribution to Terra Luna Classic’s communal burning efforts and the hiked LUNC burn tax rate.
