The Terra Classic (LUNC), the project that spun out of the collapsed Terra ecosystem, is set to undergo a number of important upgrades as governance proposals get approved by an overwhelming community vote. With the most recent one being on January 14, some of the major crypto exchanges have partaken in the upgrade. To support the developing activities on the chain, Terra Rebels, the offshoot development community have shown interest in re-building the infrastructure; to much of the community’s dismay.
Terra Classic’s New Software Upgrade
The highly-anticipated update will take place at epoch 15,029, which is roughly equivalent to 04:50 UTC on Saturday. It is the result of the Terra Classic community voting to pass governance proposal 11242, which aims to abolish the re-minting of a portion of the burnt LUNC tokens. Upon implementation, this upgrade will effectively eliminate the crypto tokens from its circulating supply, which in theory, might have a beneficial impact on the price movement of LUNC. At the time of writing, the total amount of LUNC tokens that are currently in circulation is quite close to 6 trillion.
Following a significant slowdown in the on-chain burn rate of LUNC tokens over the course of the previous four weeks, proposal 11242 was published at the beginning of January with the intention of putting a stop to the re-minting of LUNC tokens as a result of burns by effectively reducing the seigniorage reward policy to virtually zero.
Terra Rebel’s Take
The Terra Rebels are a grassroots movement with the stated goal of resurrecting the Terra Classic biome. An examination of Terra Rebel’s roadmap showed a number of interesting endeavors scheduled for 2023. The LUNC blockchain upgrade is only one example of something that needs to be tested, validated, and have its security audited. And, with their latest announcement, it seems like they would be actively participating in the upcoming updates on the chain.
Terra Rebels has purchased server equipment to build its infrastructure out. We are currently awaiting for all equipment to arrive at a secure location. Once the equipment arrives, we can start racking, wiring, and then build out the infrastructure. We originally intended to pay
— Terra Rebels (@TerraRebels) January 13, 2023
However, with the latest reports of internal conflicts, decreasing activity and even accusations of siphoning off Terra’s community funds — the Terra Rebels is facing criticism for the reduced trust from the community. The decline in support, may even adversely affect the timeliness of these plans.
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On the other hand, the TFL (Terraform Labs) team member Jared, who has shown keen interest in helping grow the ecosystem, recently announced the introduction of the DCA strategy being built into the network’s new wallet app. With the help of DCA (Dollar Cost Averaging), users can purchase the LUNC tokens in a progressive and systematic way every day, week or month.
DCA in station… soon
— Jared_TFL (@Jared_TFL) January 13, 2023
As things stand, the Terra Classic (LUNC) price is currently being traded at $0.0001712. This represents an increase of 2% on the day, in contrast to the massive gain of 11% during the last week, as per CoinGape’s crypto market tracker.
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