The Joint L1 Task Force, responsible for the development of the Luna Classic blockchain, has made significant strides in achieving technological parity with other Cosmos blockchains during the second quarter of 2023. The successful upgrade to version 2.0.1 involved updating the Cosmos SDK and Tendermint, ensuring compatibility with other networks. Additionally, the implementation of Cosmwasm v1.1.0 has made Luna Classic’s smart contracts fully compatible with other Cosmos blockchains
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LUNA Classic Blockchain Advances The Q3 Proposal
Furthermore, the L1 Task Force has introduced a 5% minimum validator commission, guaranteeing fair compensation for validators. With these accomplishments, the L1 Task Force is confident in meeting all the objectives outlined in Proposal 11462 by the end of the second quarter.
The L1 Task Force revised Q3 Proposal has been posted on Commonwealth. Please review and comment.https://t.co/0AibLsQI3x
— đ„LuncBurnArmyđ„ (@luncburnarmy) June 21, 2023
Building upon this progress, the L1 Task Force proposes a mandate for the third quarter to focus on strategies that expedite the reduction of supply for Luna Classic and USTC. The market module will be pivotal in achieving this goal, employing capital controls and safeguards to prevent potential “death spirals” and accelerating the reduction of Luna Classic supply.
To facilitate the development and testing of failsafe mechanisms for the market module in Q3, a USTC test environment will be created. This environment will closely resemble the mainnet, allowing for comprehensive testing of the market module and its circuit breaker mechanisms using testnet LUNC and USTC tokens.
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Furthermore, the L1 Task Force plans to upgrade the Cosmos SDK to enhance interoperability with new optional features in the Cosmos ecosystem. One such feature is the Alliance module, and the community’s feedback will be sought through a signalling proposal to determine its implementation in Q3.
The revised Q3 proposal Will Make Significant Progress In the Terra classic
Additionally, the proposal includes enabling the Token Factory for Luna Classic, enabling the generation of custom native demons within the LUNC network. This functionality allows protocols to create their tokens without adhering to the CW20 standard. All tokens within the LUNC network can then be utilized for gas-fee payments, protocol revenue collection, and distribution among LUNC stakers in a compatible manner.
With these developments, the Luna Classic blockchain continues to make significant progress, fostering compatibility, reducing supply, and introducing innovative features to enhance its ecosystem.
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