In the most recent development, the L1 Joint Task Force (L1JTF), dedicated to improving the Terra Classic ecosystem, has released feedback on its progress targeted at LUNC recovery and plans for the year’s second quarter (Q2).
In the new quarter, the L1TF team has mapped plans that would enhance the reduction of LUNC and USTC massive supplies.
1. #LuncArmy Please find the Status Update for Q2 Sprint #7 at the following location:https://t.co/v7eVNqoQL8
— 🔥LuncBurnArmy🔥 (@luncburnarmy) July 10, 2023
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Overview Of The L1JTF Team Proposed Plans
According to the update above, the Terra Classic developer squad appears set to upgrade Astroport’s smart contract before advancing into the Q3 roadmap. Notably, an extensive review of Q2 projects would be on a distinct quarter’s end update.
In addition, the effect stemming from the CosmWasm upgrade is an area that the L1JTF team hopes to look into by cushioning its effect, having incorporated significant innovations into the chain.
In another exciting update, Terraform Labs (TFL) newly finalized the integration of a pull request which affords token exchange dealings between USTC and LUNC via TerraSwap through the TFL station.
As part of its plans to improve Terra Classic’s ecosystem, L1JTF is actively working on some crucial projects, which include dApp whitelisting, the Burntax split to the distribution module, and providing significant support for the Quant tram for USTC repeg.
Notably, budgets for the proposed projects would get well accounted for, and unused funds, re-deposited to the community pool, which currently holds about 525 million LUNC coins.
Major Concerns Raised By The Terra Classic Community Members
Among the Terra Classic community members, serious concerns have been raised over LUNC’s burn capacity. The past few weeks saw a massive drop in LUNC burn contributors from validators, especially after Binance resumed its LUNC burn mechanism in March.
Presently, the main contributors in LUNC’s burn scheme include TerraCasino, DFLunc, and Cremation Coin, while other validators remain inactive.
Read Also: LUNC Path to $1? Binance Announces Support for Terra Classic Upgrade to Increase Burn Tax
Terra Classic Team’s Response To The Raised Concerns
In response to the concerns put forward by LUNC enthusiasts, ClassyCryoto, a validator, and a content creator, suggested the burning of all Classy’s Sphere Validator’s entire commission till the year’s end; this initiative hopes to renew interest in the LUNC’s burn schemes.
In addition to an all-encompassing effort aimed at improving LUNC’s relevance, it was revealed that Testnet is also working towards achieving an impressive LUNC burn rate.
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