The Joint L1 Task Force (L1TF) Provides Update on Progress and Future Plans
The Joint L1 Task Force (L1TF), the core developer group of Terra Luna Classic, has shared an update on their progress and plans for the upcoming quarter. Here are the key points:
1. Focus on reducing circulating supply: In Q2, the developer group aims to reduce the circulating supply of LUNC and USTC, the native tokens of Terra Luna Classic.
2. Community pool refilling: The community pool, which had reached low levels, has started to refill, providing some relief.
3. Discussions on LUNC burn campaign: There have been discussions within the community about validators’ participation in the LUNC burn campaign. Concerns have been raised about reduced contributions following Binance’s restoration of its LUNC burn mechanism.
4. Ongoing tasks: The L1TF is working on upgrading Astroport’s smart contract, stabilizing the impact of the CosmWasm Parity upgrade, and supporting various initiatives such as dApp whitelisting and contract upgrades.
5. Proactive measures to boost LUNC burn: To address concerns about reduced burn rate, strategies have been devised by ClassyCrypto and Edward Kim’s Block Entropy Testnet to encourage validators’ active participation and strengthen the token’s burning mechanism.
Hot Take
The Joint L1 Task Force is making progress in reducing the circulating supply of LUNC and USTC while also addressing concerns about the reduced burn rate. By involving the community and implementing proactive measures, they are taking steps to strengthen the token’s burning mechanism and reignite interest in the LUNC burn initiative. This transparency and active engagement with the community bode well for the future of Terra Luna Classic.