As the Terra Classic community makes great efforts to revive the LUNC project, members have objected to any proposal promoting the idea of minting new LUNC tokens into circulation.
Following this position taken by the Terra Classic community, Alex Forshaw, an ex-Terra Rebels Quant Team Lead, has reviewed his previously published proposal to re-peg USTC, which suggested the minting of new LUNC tokens. Tobias Andersen, another developer is also on the course of releasing a competing proposal on the same matter.
On October 3, Alex Forshaw published an updated Terra Classic re-peg proposal alongside two Terra Rebels developers Edward Kim and Maximilian Bryan.
In the proposal, the idea of minting 500 billion Terra Classic (LUNC) tokens was put forward. Even though the new tokens were to be used in purchasing Bitcoin (BTC) as collateral for a new algorithmic fungible token (AFT) called USTN, members of the Terra Classic community opposed the proposal.
Remember that the teeming community’s top priority is to burn and reduce the total supply of LUNC to just 10 billion units. Interestingly, the initiative is progressing as Binance, the leading blockchain ecosystem and largest digital assets exchange by trading volume burned LUNC tokens worth $1.8 million in its first burn execution.
Earlier today, Alex Forshaw commented that he has yielded to the voice of the community saying, “my plan doesn’t involve minting new LUNC anymore.” Notably, this disclosure from the popular developer in the LUNC ecosystem came in response to an announcement shared by Classy Crypto, a LUNC validator.
Read Also: Terra Classic (LUNC) “Great Comeback” Discussed On First French Business News TV Station
The top LUNC validator wrote, “New LUNC plan to be released in “under 2 weeks'” by ZaradarTR. Let’s See! For those against minting more Lunc. This is your plan.”
NEW $LUNC PLAN to be RELEASED in "under 2 weeks" by @ZaradarTR.
LET'S SEE! FOR THOSE AGAINST MINTING MORE #LUNC THIS IS YOUR PLAN! 🔥🔥
Retweet to spread the news pic.twitter.com/OlX8oSTEoI
— Classy 👾 (@ClassyCrypto_) October 5, 2022
It is worth noting that Tobias Andersen with the Twitter username ZaradarTR, is a known developer in the Terra Classic ecosystem. According to him, he plans to submit a Terra Classic re-peg proposal soon which is devoid of the idea of minting new LUNC tokens into circulation considering that he is also not in support of the proposal by Alex Forshaw.
It’s being worked on. Should be ready in a week or two
— Tobias Andersen (@ZaradarTR) October 5, 2022
Highlighting what will be included in the planned proposal, Tobias Andersen listed the following points: “Implement ‘partitioned pools’, enable swaps with 10B cap on LUNC, implement ABS keeper, build value adding 2nd layer dapps to grow network, use taxes to recapitalize community pool, establish USTC as “reserve currency” for all ‘partitioned pools’.”
Related: Here’s Why Terra Classic Community Is Kicking against This New LUNC Revival Proposal: Details
This planned development comes a few days after Tobias Forshaw commented, “We can fix USTC without minting more LUNC. Don’t make other people’s bad ideas my personal problem and trust me when I say that as long as I’m in charge of the code no one will be minting additional LUNC tokens.”
“I am not holding the code hostage, I am simply saying I will not be part of building a feature that will create additional LUNC. If you can find other people to do it, then by all means, but those people have yet to arrive and till they do your stuck with the devs that you have,” he also noted.
We can fix USTC without minting more LUNC. Don’t make other peoples bad ideas my personal problem and trust me when I say that as long as I’m in charge of the code no one will be minting additional LUNC tokens 🙏 pic.twitter.com/oG2zFREvOO
— Tobias Andersen (@ZaradarTR) October 4, 2022
Terra Rebels Group Says LUNC Code Fully Controlled by the Community
Terra Rebels, the community-formed group focused on revitalizing the LUNC project has cleared the air on the topic of the Terra Classic project still being controlled by Do Kwon’s TerraForm Labs. The group stated that no one is in charge of LUNC code citing that the community ruled out dictatorship and centralized control from the start of the new era.
“Just for clarity, no ‘one’ is in charge of #LUNC code. Terra Classic community is in charge of the code. When we became a community blockchain and established community governance we voted ‘NO’ to centralized control and ‘NO’ to dictatorship,” Terra Rebels Group wrote on Thursday.
Just for clarity no 'one' is in charge of #LUNC code.
#terraclassiccommunity is in charge of the code…
When we became a community block chain, and established community governance we voted 'NO' to centralised control and 'NO' to dictatorship.
— TerraRebel (@RexYellerBelly) October 5, 2022
Read Also: Top Analyst Michaël van de Poppe is Bullish on Terra Classic (LUNC). Here’s His Price Target
However, a community member with the identity FatMan disclosed with data that only three validators on the Terra Classic network have maximum power over governance and network code.
In response to Terra Rebels, Fatman wrote, “This is nice rhetoric, but the reality is that three validators have complete veto power over governance and network code. Terra Classic is far from decentralized.”
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