Community Conflict Ignited by Terra Classic Market Swap Initiative

Community Conflict Ignited by Terra Classic Market Swap Initiative

Terra (LUNA) Luna Classic Developers Engage in Fiery Debates Over LUNC/USTC Market Swap

Terra (LUNA) Luna Classic developers are embroiled in intense discussions as they explore ways to implement the highly-anticipated LUNC/USTC market swap function. Volunteer developer Igor Veras proposed a LUNC mint restriction on the main market module to test the idea. Veras is expected to collaborate with the Layer-1 Joint Task Force Team (L1JTF) and the USTC Quant Team to establish a testing environment. Nonetheless, some prominent members of the Terra (LUNA) Classic community believe Veras was pressured into abandoning his idea.

JESUSisLORD, a major validator, shared the events that led to Veras giving up on the proposition. The change in Veras’ behavior reportedly came after discussions with the USTC Quant Team, who questioned the proposal’s significance.

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Proposition #11767 at the beginning garnered support from the Terra (LUNA) Classic community. Nonetheless, leading developer Vinh Nguyen from L1JTF raised concerns that the market swap feature could negatively impact staking bonus and cause disruption for delegators and validators. Restoring the market swap functionality would decrease the circulating supply of Terra (LUNA) Luna Classic (LUNC) and the malfunctioning stablecoin Terra (LUNA) Classic USD (USTC), enabling the creation of new trading pairs on Astroport or Terraswap. In addition, the market swap function is expected to increase the burning of LUNC and USTC tokens.

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Although while the motives behind opposing the proposition remain unclear, members of the Terra (LUNA) Classic community argue against intimidation in their active cryptocurrency community. It is uncertain whether Veras or the Layer-1 Joint Task Force Team will proceed with testing the mint restriction safety feature for the market maker algorithm.

The other side

The market swap function was disabled after the 2022 financial fiasco, which resulted in the UST stablecoin losing its $1 peg. The proposition could play a pivotal role in the restoration efforts for Terra.

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Hot Take:

The debates and controversies surrounding the LUNC/USTC market swap function in Terra (LUNA) Luna Classic highlight the passionate and engaged nature of the cryptocurrency community. It is essential for developers and stakeholders to collaborate and find solutions that benefit the overall ecological system while addressing concerns about probable disruptions. The restoration of the market swap functionality could have whole lot of implications for the circulating supply of LUNC and USTC, as well as the burning of tokens. The outcome of these discussions will shape future of the Terra (LUNA) Luna Classic and its role in the broader digital currency landscape.

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