Terra Luna Classic Unveils Path to $1: Token Recovery Plan Outlined

• Terra Luna Classic L1TF has released an update on their progress and future plans for Q2.
• The Joint L1 Task Force is focusing on reducing the circulating supply of LUNC and USTC, as well as refilling the community pool.
• The team is also working to stabilize the impact caused by the CosmWasm Parity upgrade, integrating a pull request, and assisting with other initiatives.

Terra Luna Classic L1TF Unveils Plan for Token Recovery

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.

Status Update from June 26 to July 11

L1TF project manager, LuncBurnArmy, shared a status update on Twitter outlining 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 completed tasks during Q2.

Stabilizing Impact of CosmWasm Parity Upgrade

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 users to engage in seamless token swaps between LUNC and USTC using TerraSwap through TFL Station.

Ongoing Initiatives

Among their ongoing initiatives, they are currently working on Burntax split distribution module dApp whitelisting contract upgrades using MigrateContractProposal and supporting Quant team for USTC repeg Unused funds will be returned to community pool which has already started refilling with more than 525 million LUNC.

Concerns Over Reduced Contributions

Some members of community have expressed concern over reduced contributions following Binance restoration its burn mechanism in March However discussion have been initiated within community regarding validators participation in burn campaign