1/ Many of you are aware of the current problems with #LUNC out of gas failing transactions. Good news first: A solution is in the works! But I want to explain to those who are interested what I researched and what @edk208 was so kind to confirm to me that they suspect similar …
2/ When you make transactions of #LUNC or #USTC to the chain via #TerraStation (and by other means), first there is a simulated transaction done to get the estimated "Gas" that will be consumed by the transaction. The Station then takes this estimation, adds a bit of safety …
3/ … amount to it and then sends the actual transaction.
What now happened is, that the code that calculates the actual tax on-chain, writes the tax spent to a storage for statistics. This can be queried per block, so it is a permanent and increasing storage. Putting anything …
4/ … to the storage causes "Gas" consumed (which is how the network measures the cost of a transaction), BUT the issue is: there is no simulation for storage. That means that during the simulated transaction that estimates the #gasfee, the storage is not taken into account. …
5/ … Because of that when the actual transaction happens and writes things (including calculated tax amounts) to storage, this is way higher than the estimate and only gets through with luck (and low network load).
This part of code is nothing that was changed by #TerraRebels …
6/ … to implement the #taxburn. It has been like that for a long time, but prior to tax was not used. As a developer I agree that this is something that is very easy to overlook in the code as it is far from obvious. Fixing it on-chain is not impossible but also not the …
7/ … easiest task to do, imho. Given the time-pressure due to the current problems, I reckon that it will be much easier to update the Terra Station to raise the safety amount of gas to propose to the chain on transactions. It has the same effect, although is not as …
Hopefully I could explain it at least nearly understandable. It's not always easy for a dev or technical person to explain those things. 😅😂
Because I get many messages like this I have to make clear that I am not part of #TerraRebels. So I cannot tell you any internals, plans etc. that were not made public. I just try doing my part to help the chain, nothing more.
The way @binance and @cz_binance "support" the burn tax on-chain is not fair. It is a nasty strategic move.
1/ You are not charged deposit fees (of course you will be taxed on your side on deposit), but they charge a fixed(!) fee on withdrawal of 102,000 #LUNC …
2/ The minimum withdrawal amount is 204,000 #LUNC.
So that means small wallets in fact are kind of held hostage. Who can afford paying 10% fees of the sent amount on 1M? Who will pay 50% of the wallet holdings if he owns only 200k?
On the other side you only pay …
3/ … less than the real tax when withdrawing > 8.5M LUNC. This clearly benefits big holders and kind of screws the small holders.
The support team suggested to change coins to different currencies to move them away from @binance. Really? Do you even know what you are saying?
Guys! Don't panic because of #USTC getting minted. It's the normal market swap mechanism. It was only "disabled" for #LUNC/stablecoin and not for e. g. USTC/MYTC.
See this tx: finder.terra.money/classic/tx/FAD…
The only (really) bad thing about his in my opinion is that there are no burn taxes on MsgSwap transactions 😆
Here is the current list of all coins with their total supply. Every of the "XXTC" coins could be swapped to #USTC and such mint new USTC to the supply. For example there are still 1M #MYTC after the recent swaps, worth around 200k USTC.