Developers known as the “Six Samurai” are working to revive the struggling Terra Classic blockchain ecosystem. The Terra ecosystem collapsed in May 2022, leading to the formation of a new blockchain called Phoenix. However, the old blockchain, now referred to as the “Classic” network, still exists and has a market valuation of approximately $531 million. The native token of the Terra Classic chain, called luna classic (LUNC), currently trades at around $0.00009140 per unit. The Six Samurai released a proposal outlining their ideas, including token burns and the creation of a feeshare module. The proposal has received some support, but the price of LUNC has not yet fully recovered from its all-time high of $119 per unit. In April 2023, there were discussions about restoring terrausd classic (USTC) to its $1 parity, but the plan did not fully materialize. The Six Samurai proposal aims to infuse new life into the Terra Classic blockchain ecosystem and has garnered support from some members of the community.
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