Highlights:
- Genuine Labs, a team of three developers, has offered to become the official core developer for the Terra Classic chain.
- The Terra LUNC community aims to accelerate the burn rate to increase the value of existing coins, with the goal of reaching $1 in the next major crypto bull market.
- Harris’s burn proposal has been met with significant criticism regarding high taxes within the Terra Classic network.
Genuine Labs, the developer behind Terra Luna Classic, has offered to become the official core developer for the Terra Classic chain. They believe the chain requires a dedicated team for tasks like code reviewing, merging pull requests (PR), and maintenance, especially after the disbandment of JL1TF.
While the community acknowledges the developer team’s efforts, some prominent members have raised concerns about communication problems and the team’s availability.
The Genuine Lab Proposal
Genuine Labs, a team of three developers, has submitted a proposal to become the maintenance team for the classic-terra/core repository. They noted that the core repository is currently managed by the community and different groups of developers. A senior developer known as ‘expertdicer’ stated that since the disbandment of the JL1TF team, there had been an increasing need for a team to assist with code reviewing, PR merging, and maintenance for the chain.
All three members of Genuine Labs’ team have undergone the required KYC processes via Solidproof. They believe that regular maintenance updates are necessary for the Terra Luna Classic blockchain. According to the proposal, their work entails:
- Conducting code review, PR merging, and repository maintenance.
- Integrating new features with e2e-test and interchain-test.
- Covering security patches for cosmos-sdk, ibc-go, comet-bft, and wasmd.
- Providing other technical support.
- Being available online and offering support during chain upgrades.
Proposal To Accelerate Burn Rate
The Terra LUNC community, with a total circulating supply of about 6,848,010,210,552 units, desires an accelerated burn rate to increase the value of existing coins. They aim for the underlying value of LUNC to reach $1 in the next major crypto bull market.
Christopher Harris (@ForTheCross_CH), known for his role as a validator on the Terra Classic network, has introduced proposal #11549 on Twitter. This proposal, now live for the community’s decision, focuses on ensuring off-chain Terra Classic LUNC burn, potentially removing millions of coins from circulation. The voting process will last for the next seven days to encourage more community participation in the decision-making process.
What The Market Says
The burn proposal of Harris has received significant criticism because of the high taxes users will face within the Terra Classic network. Interestingly, over 80 per cent of the votes have leaned towards “No.” Harris remains hopeful that the proposal will eventually pass, similar to previous ones aimed at increasing the burn rate. For example, in September 2022, Terra Rebels, a prominent Terra Classic development group, along with Professor Kim, formulated the initial burn concept, which was widely embraced by the community.
More recently, a notable member of the LUNC community proposed increasing the burning tax to 0.5 per cent, which was also endorsed by the community.
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