LUNC News: Terra Luna Classic L1TF Reveals Plan; Validator Burns To Revive $LUNC To $1?

LUNC News: Terra Luna Classic core developer group Joint L1 Task Force (L1TF) reports its Q2 status update, ongoing work, and plans as the developer group prepares to shift focus on reducing LUNC and USTC circulating supply in Q3. The community pool has also started refilling after dropping to low levels, bringing some relief.

Meanwhile, some members of the community argue validators have stopped contributing to the LUNC burn campaign after Binance restored its LUNC burn mechanism in March.

Joint L1 Task Force Reports Q2 Status Report and Ongoing Work

Terra Luna Classic L1TF project manager LuncBurnArmy took to Twitter on July 10 revealing a status update for tasks from June 26 to July 11. He said the developer team will focus on upgrading Astroport’s smart contract in the next Sprint #8, before moving to the Q3 roadmap.

“A separate end of Quarter update will be provided which reviews the Q2 in-scope items, as their status of completion at the end of the quarter.”

Meanwhile, the L1TF is working to stabilize things impacted by the CosmWasm Parity upgrade, bringing major changes to the chain last month. Also, Terraform Labs (TFL) has merged pull request, which enables the community to swap between LUNC and USTC using TerraSwap using TFL Station.

LITF currently working on Burntax split to the distribution module, dApp whitelisting, upgrading the contracts using a MigrateContractProposal, and supporting the Quant team for USTC repeg.

In addition, LuncBurnArmy will return any unused funds back to the community pool. In fact, the Terra Luna Classic community pool is refilling again and is back above 525 million LUNC.

Also Read: Terra Luna Classic L1TF To Own Community-Owned Station Wallet Infrastructure

Will Validator Burns Return News Pump LUNC Price

The community raised concerns over the reduction in LUNC burn from validators in recent months. LUNC burn is contributed by DFLunc, TerraCasino, and Cremation Coin only, with major validators missing from action.

ClassyCrypto aims to burn Classy’s Sphere validator’s 100% commission until the end of 2023 to bring back LUNC burn narrative by validators. Edward Kim’s Block Entropy Testnet also aims to increase LUNC burn.

LUNC price currently trading at $0.000081, with the 24-hour low and high of $0.0000805 and $0.0000827, respectively.

Also Read: Bitcoin, Ethereum, USDT Trade At Discount On BinanceUS, Arbitrage Opportunity Or Trap?