Reviving Terra Luna Classic: L1TF's Revised Q3 Proposal and the Outlook for LUNC Price Reaching $1

Bombolo | News and Media

The Terra Luna Classic core developer Joint L1 Task Force (L1TF) has recently presented a revised proposal aimed at advancing the development and maintenance of the network in the third quarter. The primary objective of the L1TF developer group is to enhance and expedite the reduction of LUNA and USTC supply by utilizing the market module.

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The Revised Q3 Proposal by L1TF

The revised Q3 proposal outlines the activities and budget for the Terra Luna Classic development team. It focuses on further enhancing the network's capabilities and ensuring its long-term sustainability.

Achieving Parity with Terra 2.0 and Other Cosmos Blockchains

The first milestone accomplished by the L1TF was achieving parity with Terra 2.0 and other Cosmos blockchains. This achievement demonstrates the team's commitment to staying up to date with the latest advancements in the blockchain industry.

Upgrading Cosmos SDK and Tendermint

To maintain compatibility and leverage the latest features, the L1TF proposes upgrading the Cosmos SDK to a stable version. This upgrade will ensure a robust and secure infrastructure for the Terra Luna Classic network.

Implementing a 5% Minimum Validator Commission

To incentivize validator participation and secure the network, the L1TF has implemented a 5% minimum validator commission. This measure ensures that validators are adequately compensated for their contributions and strengthens the network's security.

Key Objectives and Activities

The revised Q3 proposal outlines several key objectives and activities that the L1TF aims to accomplish in the coming months.

One of the primary objectives of the L1TF is to upgrade the Cosmos SDK to a stable version. This upgrade will provide Terra Luna Classic with the latest features and improvements, ensuring a more efficient and reliable network.

The L1TF plans to test the market module in the USTC test environment. This testing phase will allow the team to identify and address any potential issues or bugs before deploying the module to the live network.

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To manage the supply of LUNA and ensure stability in the ecosystem, the L1TF proposes implementing a maximum cap for LUNC supply in July and August. This measure aims to create a controlled and sustainable token distribution mechanism.

To optimize the blockchain's size and improve efficiency for validators and infrastructure providers, Terra Luna Classic plans to migrate from Columbus-5 to Columbus-6 in August and September. This migration will enhance the network's performance and scalability.

The L1TF will evaluate whether to implement CometBFT, a Byzantine fault-tolerant consensus algorithm, to further enhance the security and reliability of the Terra Luna Classic network.

Maintaining a secure network is crucial, and to achieve this, the L1TF will oversee a bug bounty program. This program incentivizes developers and security researchers to discover and report vulnerabilities, ensuring a robust and resilient ecosystem.

In September and October, the L1TF plans to re-enable the swap mechanism and capital controls in the market module. This will allow users to seamlessly exchange tokens and exercise greater control over their assets within the Terra Luna Classic ecosystem.

To promote interoperability with other blockchain networks, the L1TF proposes implementing the Alliance module. This module will enable seamless communication and data transfer between Terra Luna Classic and other compatible blockchains.

To facilitate the generation of custom Inter-Blockchain Communication (IBC) denominations, the L1TF aims to introduce the Token Factory. This feature will empower developers to create unique tokens and expand the utility of the Terra Luna Classic network.

The L1TF will collaborate with Edward Kim to incorporate the Block Entropy AI app chain into Terra Luna Classic. This collaboration aims to enhance the network's functionality and offer innovative solutions through artificial intelligence.

The L1TF will work closely with the 'quant' team to ensure the successful USTC repeg. This collaboration aims to maintain the stability and pegging mechanism of USTC, providing a reliable and predictable token value.

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Proposed Budget for Q3

The revised Q3 proposal includes a detailed budget for the Terra Luna Classic development team. The total budget requested for Q3 amounts to $133k, equivalent to approximately 1.48 billion LUNC. Any surplus budget amounts will be returned to the community pool at the end of the quarter.

The budget allocation includes the salaries of full-time developer Superman, who will receive $12.5k per month. Additionally, part-time developers Xi, Till (fragwuerdig), and Vinh will each receive $6.25k per month. Project manager LuncBurnArmy will receive $5k per month. The proposal also includes a discretionary budget of $3k per month and an operational expenditure (OPEX) budget of $3k per month.

The revised Q3 proposal presented by the Joint L1 Task Force outlines a comprehensive roadmap for the development and maintenance of Terra Luna Classic. With a focus on supply reduction, network upgrades, and strategic collaborations, the L1TF aims to enhance the ecosystem's functionality, security, and interoperability.

As Terra Luna Classic continues to evolve, these proposed developments will contribute to a robust and efficient blockchain network. The dedication of the development team and the support of the community will play a vital role in shaping the future of Terra Luna Classic.

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Q: What is the purpose of the revised Q3 proposal for Terra Luna Classic?

The revised Q3 proposal aims to outline the development and maintenance activities for Terra Luna Classic, focusing on supply reduction, network upgrades, and strategic collaborations.

Q: What is the proposed budget for Q3?

The proposed budget for Q3 amounts to $133k, which is approximately 1.48 billion LUNC.

Q: What upgrades are planned for the Cosmos SDK?

The L1TF proposes upgrading the Cosmos SDK to a stable version to leverage the latest features and improvements.

Q: Will there be any migration for Terra Luna Classic?

Yes, Terra Luna Classic plans to migrate from Columbus-5 to Columbus-6 to reduce blockchain size and enhance efficiency.

Q: How will the L1TF ensure network security?

The L1TF will oversee a bug bounty program to encourage the discovery and reporting of vulnerabilities, ensuring a secure network environment.