LUNC Community To Remove And Secure Stablecoin Market Terra Swap

The team that the reviving vision of the LUNC token, Terra Rebels shared a tweet recently saying that LUNC core developer Edward Kim had proposed to remove and secure the Terra stablecoin market swap, requesting comments on the proposal.

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“LUNC community, @edk208 [Edward Kim] has proposed to remove and secure Stablecoin Market Terra Swap. Please comment on the recent agora,” tweeted reXx.

Terra Community Decide To Remove And Secure Stablecoin Swap To Avoid Further Network Exploitation

Really that the Terra Classic ecosystem has stablecoins supporting the top 23 fiat currencies. While swapping between LUNC and these stablecoins was disabled due to the Terra ecosystem collapse, swapping between these Terra stablecoins is still enabled via its Terra-to-Terra market swap module.

The decision to remove this feature to avoid further network exploitation and as a first in its wider plan to rebuild the system with better capital controls.

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“We recommend that we either set the Tobin tax to 100% or we remove fiat pairs from the whitelist via governance vote. We are leaning towards the Tobin tax approach so that community members who may want to help build the oracle reward pool could do so by swapping their stablecoins to USTC, thus sending all swapped USTC to the oracle rewards pool.”

It is worth noting that the decision was part of the Road map released by Terra Rebels on Thursday which highlighted some measures like:

  • Disable market swap.
  • Rework the underlying Cosmos/Tendermint skeleton.
  • Upgrade to Vanilla Cosmos v0.45.8.
  • Upgrade to Tendermint v.0.34.x.
  • Upgrade CosmWasm v1.0.0.
  • Assess burn tax.
  • Begin work on the v2 algorithm.
  • Solidify the plan around an Algorithmic Fungible Token (AFT).
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