LUNC to $1: Terra Classic Development Team Receives Funding for Q2

To further the development of the Terra Classic ecosystem and increase the chances of more investors picking interest in the project and perhaps driving LUNC price towards $1, the Terra Classic Joint Layer-1 Task Force has officially been funded from the community spend pool for the second quarter of 2023.

This disclosure was disseminated last week by Classy, a top validator on the Terra Classic network. According to the update, the reviewed funding proposal submitted by the Terra Classic Layer-1 development team passed governance voting on Sunday with 55.53% Yes votes. 

Notably, the recently passed Proposal 11462 written by LuncBurnArmy, the Joint L1 Task Force team head came up following the remuneration-related controversy triggered by the previous funding proposal. More so, the controversy led to the departure of some team members from the LUNC dev group including the only full-time developer in the squad — Tobias Andersen AKA Zaradar.

As per Proposal 11462, the Joint L1 Task Force requested $124k from the project community pool to carry out all-around developments in the Terra Classic ecosystem including necessary network upgrades in the second quarter of 2023. 

Considering the performance of this LUNC development group, community members and prominent validators on the Terra Classic network including TerraCVita and Allnodes voted for Proposal 11462 to pass.  According to the proposal, the $124k will be used to reward team members adequately. 

While $37.5K will be paid to one full-time developer, $55.8K will be shared equally among three part-time developers, $15K will be paid to the team’s project manager, $7.5K shared among two junior developers, and $9K in OPEX funding. Notably, these funds will be distributed over three months.

Amid the massive support for Proposal 11462, another LUNC community member Rabbi Jebediah submitted a counter Terra Classic development proposal requesting less funding amount — $120K. The summary of the proposal from Jebediah read:

“This is a spending proposal for Q2 2023 that would fund an expanded L1 Task Force to work on LUNC and only LUNC, without wasting the community’s money on side-projects that extend beyond the scope of our blockchain.

Wen $1 LUNC

The Terra Classic community remains committed to the goal of taking LUNC to $1 per token. Accordingly, lots of initiatives such as LUNC burning and several projects have been rolled out by various independent development teams to onboard more utility for LUNC. 

The community believes that LUNC getting to the $1 milestone can only be achieved when remarkable and solid use cases have been added for the token. However, it cannot be perfectly predicted when the crypto-asset would trade for $1 per token but the possibility cannot also be ruled out.

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