The Joint L1 Task Force (L1TF), Terra Luna Classic’s core developer group, has issued an update on their progress and future plans for Q2. In the upcoming quarter, the developer group aims to focus on reducing the circulating supply of LUNC and USTC. Additionally, the community pool has started to refill after reaching low levels, providing some relief.
However, there have been discussions within the community regarding validators’ participation in the LUNC burn campaign, with concerns raised about reduced contributions following Binance’s restoration of its LUNC burn mechanism in March.
Joint L1 Task Force outlines the ongoing tasks
L1TF project manager, LuncBurnArmy, shared a status update on Twitter, outlining the tasks from June 26 to July 11. The team plans to prioritize upgrading Astroport’s smart contract before transitioning to the Q3 roadmap. A separate end-of-quarter update will provide a comprehensive review of the completed tasks during Q2.
The L1TF is also working to stabilize the impact caused by the CosmWasm Parity upgrade, which introduced significant changes to the chain. Terraform Labs (TFL) has successfully integrated a pull request that allows the community to engage in seamless token swaps between LUNC and USTC using TerraSwap through TFL Station.
Among their ongoing initiatives, the LITF is currently working on the Burntax split to the distribution module, dApp whitelisting, contract upgrades using the MigrateContractProposal, and supporting the Quant team for USTC repeg. Unused funds will be returned to the community pool, which has already started to refill and currently holds over 525 million LUNC.
Some members of the community have expressed concern over the reduced LUNC burn contributions from validators in recent months. Currently, LUNC burn is mainly contributed by DFLunc, TerraCasino, and Cremation Coin, with major validators seemingly inactive.
In response to concerns about the reduced burn rate of LUNC, ClassyCrypto has devised a strategy to burn Classy’s Sphere Validator’s entire commission until the end of 2023. This proactive measure aims to reignite interest in the LUNC burn initiative and encourage validators to actively participate in the process. Additionally, Edward Kim’s Block Entropy Testnet is actively working towards boosting the LUNC burn rate, contributing to the collective effort to strengthen the token’s burning mechanism.
