Since the occurrence of the collapse that happened as far back as May 2022, the Terra community has been looking at all possible means to progress the Terra Classic network, there are a lot of tough situations the community being through in the course of the incident.
So far, there has been a spectacular and significant milestone the LUNC community has achieved since part of the community chose to nurture it while the rest of the community chose to create a new token over the renamed one.
Since the inception of the LUNC, community members have chosen to sacrifice their resources in making the LUNC network a better place, creating a series of projects and authoring a lot of proposals to reduce the fixed supply of the token.
Terra Classic Network (LUNC’s Progress)
- The first step toward achieving their goal is creating a proposal that will permit the community to burn 1.2% of every transaction which was joyfully voted for by the community and since its inception, many platforms have thrown the hand of support toward the proposal. Exchanges like Binance, Houbi, Connlnn, Gate.io and others rendered their support willingly to implement the changes on the LUNC trading of and on-transactions.
- At the same, the Terra classic plan to re-pegging the USTC, made Alex ForShaw author a proposal that involved the minting of a new LUNC for the re-pegging, although this was not welcoming to the community. Another core, developer, Zaradar, brought another which does not need minting.
- The community of LUNC went forward to introduce the idea of fixing the chain by re-enabling Inter Blockchain Communication which allows the community to be perfect and helps in the reduction of the LUNC supply.
- Another milestone is the Terra classic next upgrade to v23 which will allow the community to make the LUNC network fully Cosmo Interoperability. It is worth noting the last update revealed that the upgrade will be done by Q4 2022.
- However, after the launching of the 1.2% tax burn proposal launching, the community noticed that the trading was deteriorating while the burn rate spiked tremendously. The community was not pleased with this, so they sought to reduce the community tax burn parameter to 0.2% after the proposal was written and supported by the exchanges, the desired result and expectation were achieved to some extent.
- As per this new proposal, 10% of all LUNC burned goes to the community pool to fund development. Notably, some community members had believed that this seignorage would apply to only LUNC burnt by the tax and, as such, have voiced misgivings over the current application. Still, a proposal to this effect is yet to materialize.
Next Terra Classic Network Upgrade To Happen Soon
It is worth noting that October has been a significant month in which all the milestones on the LUNC were achieved. some of the community members donated just to enhance the ongoing projects on the LUNC network.
As reported earlier, the LUNC is much expected to re-open the IBC, which was activated on the network until the May collapse which made the developers deactivate it for safety. It is worth noting that the Terra classic community also much expected the Terra classic v23 upgrade which was slated for the last quarter of 2022.