Altcoin News

Terra Luna Classic Supports L1TF On L2 Team For Community-Owned Wallet; Terra Rebels Returns?

Terra Luna Classic core developer Joint L1 Task Force (L1TF) proposes a community-owned wallet and L2 team to manage it.
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Terra Luna Classic Supports L1TF On L2 Team For Community-Owned Wallet; Terra Rebels Returns?

Terra Luna Classic core developer Joint L1 Task Force (L1TF) submits a proposal to create a community-owned wallet, which will be managed by the Terra Luna Classic community through governance. The developer group suggests establishing an L2 team to manage the community-owned wallet, working closely with the L1TF.

Also Read: Terra Luna Classic Core Developer Revises Q3 Proposal, LUNC Price To Rally

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Terra Classic LITF Seeks To Establish L2 Team For Wallet

Joint L1 Task Force project manager LuncBurnArmy on June 22 revealed that a proposal is submitted on Commonwealth to build a community-owned wallet. Terra Classic has L2 wallet dApp providers including TFL (Station), Keplr, Trust Wallet, and others. Moreover, forked versions of Station wallet are owned by individual groups, but none are owned by the community.

According to the proposal, a community-owned web version of Station, iOS & Android mobile apps, and Chrome browser extension will be created. This will help improve client wallet diversity, the Station codebase enhancements, and ease the burden on TFL for testing L1 upgrades and maintenance on the Station after every Terra Luna Classic upgrade.

L1TF proposes to create an independent L2 team. The L2 support team will maintain and manage the community-owned wallet, ensuring upgrades, reducing end-user downtime, and regular maintenance.

In Q3, the Joint L1 Task Force will develop the community-owned wallet free of charge. Costs such as domain registration and hosting can be used from Joint L1 Task Force’s compute budget. This will remove the need for a small community spend proposal. However, a separate monthly budget of not exceeding $3k is still needed to manage, maintain, and upgrade the wallet.

“The community-owned wallet will be managed by the L2 team, working closely with the L1 team to ensure stable and consistent operations following updates and upgrades.”

L1TF will fork and provide a fully functional community-owned wallet to the L2 team. A separate community spend proposal along with listed and proposed team members would follow a successful ‘yes’ vote. However, if the community votes “No,” the L1TF will not create any community-owned Station wallet.

The community votes to support the idea of having an L2 team, but governance voting will require to confirm the decision.

Also Read: Bitcoin, Ethereum Retraces After The BOE’s 50 Bps Rate Hike, US Fed Powell Testimony

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Terra Rebels and Community Members Respond

Terra Rebels, the former core developer group of Terra Luna Classic, explains TFL will never provide direct access to Station infrastructure and that’s why a separate infrastructure was created by Terra Rebels. The developer group also questions managing the high costs of infrastructure and web apps.

Some community members believe the L1TF must fix post-parity impacts on dApps and projects before moving further on their plans. Also, some argue an L2 team must volunteer to maintain Finder, Station, terra.js, and rust bindings, or else the current L1TF must manage it.

Also Read: Ripple Gets Major Payments Institution License in Singapore, XRP Price To $1

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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