Dan Gerchovich, the creator of the software development kit (SDK), has noted that businesses are aiming to incorporate the Terra Classic payments gateway.
Gerchovich announced this yesterday via Twitter, saying that wider usage of the solution would boost the amount of transactions on the blockchain and result in more Terra Luna Classic tokens being destroyed.
The developer expressed optimism for the future, inviting other companies and creators who work with crypto payment gateways to get in touch.
In response to queries, Gerchovich stated that the current solution is built to be compatible with existing applications. These can range from any type of app, including games from developers seeking to provide LUNC payments. Utilizing the SDK known as “Terra.Net.OnChainPayments,” the application can access a gateway that processes payments, according to Gerchovich.
The community-run chain’s main objective is to reduce the amount of LUNC circulating. To accomplish this, different approaches have been proposed, such as encouraging projects and validators to burn their LUNC voluntarily and setting a 0.2% on-chain tax rate. As part of the Terra Classic v1.1.0 upgrade, 90% of the revenue from this tax is sent to a burn wallet while 10% goes into a pool for project financing.
Nevertheless, the lack of many popular decentralized applications and the bearish market have caused on-chain volumes to decline. According to TerRarity data, users and supporters have sent 48.6 billion LUNC to the dead wallet, with only 14.3 billion LUNC coming from on-chain taxes. Binance is the largest contributor, donating 28 billion LUNC.
The removal of the peg between Terra’s dollar-pegged stablecoin, now known as TerraClassicUSD, resulted in the overproduction of 6 trillion LUNC due to a minting and burning arbitrage system. This hyperinflation caused its value to plummet, going from approximately $120 to just $0.0001339 today.
