Terra Luna Classic Unveils Plan for Token Recovery: Path To $1

• The Joint L1 Task Force (L1TF) of Terra Luna Classic has unveiled its plans for reducing the circulating supply of LUNC and USTC.
• The team is also working to stabilize the impact caused by the CosmWasm Parity upgrade, which introduced significant changes to the chain.
• Additionally, the community pool has started to refill after reaching low levels, providing some relief.

Terra Luna Classic L1TF Unveils Plan for Token Recovery

The Joint L1 Task Force (L1TF), Terra Luna Classic’s core developer group, has issued an update on their progress and future plans for Q2. In the upcoming quarter, the developer group aims to focus on reducing the circulating supply of LUNC and USTC in order to recover tokens that have been lost due to recent market volatility. Additionally, they are working towards stabilizing the impact caused by a recent CosmWasm Parity upgrade that introduced significant changes to the chain.

Token Burn Campaign

The team has proposed a token burn campaign that will incentivize validators who contribute a portion of their rewards back into a community pool which will be used for future development purposes. There have been discussions within the community regarding validators’ participation in this campaign, with concerns raised about reduced contributions following Binance’s restoration of its LUNC burn mechanism in March.

Ongoing Tasks

Joint L1 Task Force project manager, LuncBurnArmy shared an update on Twitter outlining tasks from June 26th through July 11th. These tasks include upgrading Astroport’s smart contract before transitioning to Q3 roadmap as well as integrating pull requests that allow users seamless token swaps between LUNC and USTC using TerraSwap through TFL Station. Other initiatives include Burntax split to distribution module, dApp whitelisting & contract upgrades using MigrateContractProposal as well as supporting Quant team for USTC repegging.

Community Pool Refill

Unused funds from these initiatives will be returned back into a community pool which has already started refilling and currently holds over 525 million LUNC tokens providing some relief during this period of market instability.

Conclusion

The Joint 1 Task Force is committed towards recovering tokens lost during current market volatility while also ensuring stability on their chain network through various initiatives outlined above. This should provide assurance among investors that their investments are secure while allowing them access to various trading options within Terra Luna Classic network

Author: admin