Anonymous Developers Seek to Revive Terra Classic Ecosystem – Despite the co-founder of Terraform Labs receiving a four-month jail sentence in Montenegro, a group of six anonymous developers, known as the “Six Samurai,” are diligently working to revive the Terra Classic ecosystem following its collapse in May 2022. These developers firmly believe that luna classic (LUNC) possesses immense potential for growth.
After the Terra ecosystem’s collapse in May 2022, a new blockchain called Phoenix emerged, and the network introduced new luna (LUNA) tokens. Nevertheless, the original blockchain, now referred to as the “Classic” network, remains in existence and currently holds a market valuation of approximately $531 million as of Monday, June 26, 2023.
The native token of the Terra Classic chain, luna classic (LUNC), is currently traded at around $0.00009140 per unit. Bilbo Baggins and Solid Snake, two developers among a group of self-identified individuals known as the “Six Samurai,” have put forward a proposal to revitalize the struggling network and breathe new vitality into the Terra Classic blockchain ecosystem. The Six Samurai’s proposal outlines their innovative ideas and plans for rejuvenation.
“If this proposal passes the whole team will dedicate themselves to performing their duties for the entire quarter, so the community doesn’t have to worry about anyone leaving partway through it,” the developers Bilbo Baggins and Solid Snake detail. Despite a modest 0.6% increase observed since the proposal, the current value of LUNC falls significantly short of its record-breaking all-time high of $119 per unit, achieved on April 5, 2022.
However, it is noteworthy that LUNC has undergone an impressive surge of 9,029% from its lowest point ever, which occurred at $0.000000999967 on May 13, 2022, shortly after the collapse of Terra’s ecosystem. Prior instances of discussions among developers regarding the revival of the Terra Classic ecosystem have occurred before.
Towards the end of April 2023, proponents of Terra Classic engaged in deliberations concerning the restoration of terrausd classic (formerly UST) to its original $1 parity. However, despite the deliberations, the plan failed to materialize fully, although there was a slight increase in the value of terrausd classic (USTC) during the week when the idea was under consideration. The proposal put forth by the Six Samurai encompasses a range of ideas aimed at revitalizing the chain.
These ideas include token burns, the establishment of a USTC testnet, and the creation of a feeshare module. The concept of token burns involves the deliberate destruction of all the LUNC tokens that were reminted from fees collected from Binance customers up until the present time. Examining the comment section of the proposal reveals that several individuals have expressed their support for this idea.