Home Altcoins News Terra Luna Classic’s Developer Group Shares Q2 Update Amidst Concerns: What Lies Ahead for LUNC and USTC?

Terra Luna Classic’s Developer Group Shares Q2 Update Amidst Concerns: What Lies Ahead for LUNC and USTC?

Terra Luna Classic

Terra Luna Classic’s core developer group, the Joint L1 Task Force (L1TF), recently released its Q2 status update, shedding light on the ongoing work and future plans for the project. As the community eagerly anticipates a shift in focus towards reducing the circulating supply of LUNC and USTC in Q3, concerns have been raised regarding the participation of validators in the LUNC burn campaign. In this article, we delve into the details of the Q2 update and discuss the efforts being made to address these concerns.

Q2 Status Update: Tasks and Progress:

The Q2 status update provided by the L1TF highlights various tasks and accomplishments during the period. The developer team has been actively working on upgrading Astroport’s smart contract, which will be the focus of the upcoming Sprint #8. Additionally, efforts have been made to stabilize the impact of the CosmWasm Parity upgrade, which brought significant changes to the chain. Terraform Labs (TFL) has also merged a pull request allowing the community to swap between LUNC and USTC using TerraSwap through TFL Station.

Ongoing Tasks and Support:

The L1TF remains engaged in several important tasks, including the Burntax split to the distribution module, dApp whitelisting, contract upgrades using the MigrateContractProposal, and providing support to the Quant team for USTC repeg. Notably, the project manager, LuncBurnArmy, has expressed the intention to return any unused funds back to the community pool, which is gradually refilling and has surpassed 525 million LUNC.

Concerns about Validators and LUNC Burn:

One prominent concern raised by the community relates to the reduction in LUNC burn contributions by validators in recent months. Currently, only a few validators, including DFLunc, TerraCasino, and Cremation Coin, are actively participating in the LUNC burn campaign, while major validators have been missing from action. The community emphasizes the importance of validators’ involvement to maintain a healthy LUNC burn narrative. Initiatives like ClassyCrypto’s commitment to burn Classy’s Sphere validator’s 100% commission until the end of 2023 and Edward Kim’s Block Entropy Testnet aim to revive the LUNC burn momentum and engagement.

Looking Ahead: Future Roadmap and Plans:

As the L1TF enters Q3, its focus will shift towards reducing the circulating supply of LUNC and USTC. This planned effort aims to bring stability and growth to the Terra Luna Classic ecosystem. While specifics about the roadmap have not been detailed in the Q2 update, the community eagerly awaits further announcements and developments from the L1TF.

Conclusion:

Terra Luna Classic’s Joint L1 Task Force has provided its Q2 status update, outlining the tasks completed and the path forward. The developer group’s efforts to upgrade Astroport, stabilize the impact of the CosmWasm Parity upgrade, and support various initiatives demonstrate their commitment to the project’s growth. However, concerns surrounding the reduced participation of validators in the LUNC burn campaign have been raised. The community eagerly awaits a revival of the LUNC burn narrative and a collective effort to strengthen the Terra Luna Classic ecosystem. As the project progresses into Q3, stakeholders anticipate further updates and initiatives that will shape the future of LUNC and USTC.

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MikeT

Mike T, an accomplished crypto journalist, has been captivating audiences with her in-depth analysis and insightful reporting on the ever-evolving blockchain and cryptocurrency landscape. With a keen eye for market trends and a talent for breaking down complex concepts, Mike's work has become essential reading for both crypto enthusiasts and newcomers alike. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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