LUNC Dev: Terra Classic now in the burning and rebuilding phase for total independence

It is no longer news that the Terra Classic community has stepped up its efforts to initiate a comeback for the LUNC token which suffered a huge setback in May. With the various initiatives deployed by the community-powered Terra Classic development team, interest in the struggling crypto project seems to be on the rise.

Edward Kim, a lead developer in the Terra Classic community, said in a way Publish that the LUNC ecosystem has moved away from the emergency phase and is now in the burn and rebuild phase.

According to him, Terra Rebels has three major objectives which are to rebuild Algorithmic Fungible Token (AFT), rebuild project ecosystem and rebuild independence. He added that LUNC is now officially deflationary.

Burning the native Terra Classic token, LUNC has been a top priority for the community. The goal is to reduce the large total supply of the currency from around 6.9 trillion to 10 billion LUNC. With this in mind, the development team submitted a governance proposal with the label “Props 4661”. The proposal then received the maximum support from the Terra Classic community as a whole.

Read also : Terra Classic Team Officially Releases New LUNC Development Roadmap: Details

Governance proposal 4661, centered on introducing a 1.2% tax and burning all on-chain LUNC transactions, passed with a 99.88% “yes” vote. Interestingly, several top crypto exchanges like Binance, Bitrue, and have supported and activated the 1.2% LUNC tax reduction on deposits, withdrawals, spots, and margin trades.

So far, “Looking back from where we started, we have achieved significant milestones including installing v22 and delivering the 1.2% tax cut,” Edward Kim wrote.

As the Terra Classic Channel (LUC) prepares to become a fully independent project, Kim noted that the Terra Classic Network has off-chain dependencies on Do Kwon’s TerraForm Labs in the guise of Light Client Daemon (LCD) and Terra Station Wallet.

He added that independence will come at a cost. So the team plans to take part of the burn to fund the community pool.

Read also : Here’s how Kaj Labs plans to burn 2.5 trillion Terra Classic (LUC) via Lithosphere’s game series

“The simplest funding mechanism (just a parameter change) is to take a small portion of the burn to fund the community pool, and already we are seeing spontaneous discussions around governance to raise funds for the pool community. Preliminary budgets show that even a small redirection of 5-10% will be more than enough to build our reserves,” he stated.

Becoming an independent blockchain unrelated to TerraForm Labs and CEO Do Kwon has become pressing for the Terra Classic project, as third parties and outside developers say they will only help if and only if LUNC becomes independent from TerraForm Labs.

It should be noted that Do Kwon, the creator of the Terra ecosystem, is currently dealing with arrest issues initiated by South Korean authorities and Interpol. In a recent statement, Kwon said the Terra collapse case was highly politicized.

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