Rex Harrison, a prominent developer and contributor in the LUNC community, hinted that the community-led Terra Classic project has recorded laudable improvement ever since the founders abandoned the project in May 2022.
According to Rex, a senior member of the independent Terra Classic development group, TerraCVita, the top seven risks currently facing the LUNC project include excessive voting power, security, technology, leadership, image, and accessibility.
The Terra Classic blockchain was built as a decentralized network but recently, only a few validators seem to be influencing the decision-making in the community. Hence, the project faces the risk of becoming centralized following the issue with voting power.
Jacob Gadikian, the Notional Labs founder spotted this threat as earlier reported, citing that Allnodes, the top-ranked validator on the Terra Classic network had a high voting power of 40% at that time while other validators have theirs to be less than 8.03%.
But Harrison noted that centralization risk on the LUNC network is reducing and getting resolved gradually. At the time of writing, Allnodes’ voting power sits between 28–29% days after Edward Kim addressed these validator-related concerns raised by Gadikian.
Rexyz noted that security, technology, and accessibility risks are all reducing significantly on the LUNC network. On the other hand, he submitted that the incessant criticisms and conflicts of ideas in the community are increasingly denting the image of LUNC, chasing away potential investors.
Recall that the founder of Terra Classic Do Kwon deserted the project after TerraClassicUSD (USTC) depegged last year. Since then, the project has been community-driven, making the problem of leadership a major one. With the recent outcomes in the community where developers have been spotted blasting one another and some even resigning, Rex Harrison wrote that leadership risk is high.
Speaking on the risk of governance stability, the TerraCVita team member indicated that the constant changes regarding LUNC tax burn and gas fees are only making the Terra Classic unstable. To eliminate this risk and attract businesses, builders, and investors, he said a stable LUNC ecosystem must be created.
Read Also: Top Exchange KuCoin Once Again Becomes Terra Classic Validator, Stakes 47.9 Billion LUNC at Once
Generally, the LUNC blockchain is improving as several forward-moving proposals have recently passed including the Signal proposal to repeg USTC and the v.1.0.5 upgrade proposal scheduled for mid-February 2023.
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