Q3 Roadmap and Proposed Spending
The developer team “Six Samurai” aiming to revive the crypto asset (virtual currency) Terra Classic (LUNC) submitted a roadmap and spending plan for the third quarter to the community on the 25th.
— CoinNoin (@coinnoin) June 25, 2023
The Six Samurai team members are all veteran developers with decades of programming experience and full-stack engineers with expertise in multiple technical domains. It was formed with the aim of bringing value to the LUNC blockchain and achieving a “true revival of the ecosystem.”
Team co-leader Bilbo Baggins, aka Bilbo Baggins, argued that LUNC has “unlimited upside potential.” He said that he would like to contribute to the realization of reconstruction by making the most of the skills of the development team. He also added that the team members are “enthusiastic” LUNC holders and community members committed to the revival and decentralization of the Terra Classic blockchain.
The proposed Q3 roadmap includes the following key elements:
- Migrating from Columbus-5 to Columbus-6: Reducing Archive Node Synchronization Time and Optimizing Network Performance
- Update to latest version of Cosmos SDK
- Construction of a testnet for stablecoin USTC (Terra USD Classic)
- Implementation of the Alliance module: enabling cross-chain yields using inter-chain staking
- Fee Share Module: Allows contract developers to receive a portion of gas fees
At the protocol level, we propose the creation of a community sub-pool to enhance budgeting and cash flow management. It also plans a grant and bounty program as an incentive for decentralized app developers.
In addition, it will work to publish LUNC on the “Keplr” web interface and Cosmos block explorer “Mintscan”.
The team has proposed a development budget of around 16.6 million yen ($116,000) to bring these Q3 plans to fruition, and is asking for a community vote.
Terrashock and its aftermath
The former Terra (LUNA) was developed as a blockchain payment network for algorithmic stablecoins. The network’s former stablecoin TerraUSD (UST) crashed in May last year due to a divergence (depeg) from the value of the US dollar. It lost 99.99% of its value within days. The former LUNA, which was the backing asset, was also greatly affected, and both fell into a death spiral.
Terra, which aims to recover from the Depeg turmoil, passed a community vote to create a new Terra chain, Terra 2.0 (without issuing stablecoins), and the old chain was rebranded as Terra Classic (LUNC) and continued. became.
TeraShock brought about a crash in the cryptocurrency market and a chain of bankruptcies such as major hedge fund Three Arrows Capital (3AC) and lending company Celsius, ultimately triggering the collapse of major exchanges FTX and Alameda Research. rice field.
connection:Terra USD (UST) dipeg turmoil Summary of responses from Terraform Labs and exchanges
Do Kwon, co-founder of Terraform Labs, which operated the Terra ecosystem, took the position that human resources and resources should be transferred to the new chain Terra 2.0, but Terra Classic also has strong fans. There was a community that survives to this day.
In February, the US Securities and Exchange Commission (SEC) sued Terraform Labs and its founder, Do Kwon, for allegedly conducting securities fraud.
connection:SEC sues former Terra founder Do Kwon for securities fraud