Terra Classic Devs Repay 344M LUNC Upon Entering Maintenance

Terra Classic’s L1JTF developers uncover their next steps in the ongoing Terra Classic revival quest.

Man pushing a huge pile of Terra Luna coins through a desert.
Created by Gabor Kovacs from DailyCoin
  • L1 Joint Task Force officially enters maintenance mode this month.
  • Devs returned 344M to the community pool, sparking a heated debate.
  • L1JTF is looking to hire specialists for Layer-2 onboarding and marketing.

The users of the struggling Terra Luna Classic ecosystem continue to strive towards the chain’s revitalization. Notably, the Layer-1 Joint Task Force (L1JTF) is one of the most well-known developer groups in the chain.

This dev group is hammering away trying to resolve Astroport’s bugs. Its team leader, Vinh Nguyen, expects to resolve miscellaneous on-chain issues, drawing attention to the importance of Layer-2 maintenance, which Nguyen says is “just as important as Layer-1.”

Furthermore, the community allocated a grant for L1JTF to conduct developer work for Q3. However, now it turns out that the extensive 344 million LUNC budget can be used to fund next quarter’s developer work.

According to Nguyen, the excess funds were returned to the community pool. This increases Terra Luna Classic’s community pool holdings to 2.10 billion LUNC and 6.08 Terra Classic USD (USTC).

What Is the Task Force Up to Next?

While the L1JTF team takes a break from developer work from October 17, 2023, to January 17, 2024, there’s still important paperwork to complete. Developer Vinh Nguyen stated on Twitter that the Terra Luna Classic chain revival roadmap for 2024 will be issued by the end of Q4 of 2023.

Notably, one of the most highly-anticipated products of L1JTF is the community-owned DeFi wallet, which is said to be “next on the list” by several Terra Classic validators. According to X discussions, a website dedicated to the decentralized wallet and documentation is slated to go live in the coming months.

Terra Luna Classic’s price hasn’t picked up the bullish news yet. LUNC trades at $0.00005576 at press time, sliding further by 1% in the last seven days.

On the Flipside

  • Several LUNC community members requested the L1JTF team to leave Astroport’s debugging to the Six Samurai Team.
  • Prominent Terra chain validator Happy Catty Crypto asserted that L1JTF is 306 million short in the excessive $LUNC return.

Why This Matters

The embattled Terra blockchain is governed by an eager community that democratically makes decisions via governance proposals.

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Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.