Terra Luna Classic’s L1JTF has refunded 344M LUNC tokens to the Community Pool.
These unused developer funds will be deployed into financing activities for subsequent quarters.

Layer One Joint Task Force (L1JTF), a core developer group in the Terra Luna Classic (LUNC) community has returned 344 million LUNC tokens to the community pool as part of its effort towards the much-needed revitalization of the protocol. These massive tokens are unused funds from Q3 2023.

Vinh Nguyen, the squad leader of L1JTF confirmed the return of the funds and the link embedded in his tweet also ascertained that the fund was indeed 344,061,616 (344 million) LUNC tokens. 

The remaining funds from Q3 has been returned to CP:https://t.co/y2wg3oH7Ap

The L1 Classic Task Force will now enter maintenance mode for Q4 (17/10/2023 – 17/01/2023)

We will:
1. resolve Astroport situation
2. resolve chain issues
3. support PRs for gov – approved L1 logic

— The Vinh Nguyen (@TheVinhNguyen4) October 16, 2023

Notably, the extra fund was gotten after the LUNC community had successfully allocated funding to support the developer work done by the L1JTF for Q3 2023. Consequently, the community is looking to utilize the excess fund for Q4 and other quarter’s ecosystem developer tasks. The fund has played a crucial part in enhancing the pool holdings of the LUNC community to approximately 2.12 billion LUNC and 6.1 million Terra Classic USD (USTC), as verified on the community tracking portal Stakebin

Nguyen highlighted that the protocol is pulling effort to resolve most of the problems encountered by the LUNC ecosystem. Currently, the L1JTF protocol has entered maintenance mode and this will span for three months. It started on October 17th and is scheduled to conclude by January 17th, 2024, per Nguyen’s post on the X platform. 

Some of the issues that the development team plans to resolve while in this maintenance mode include the fixing of bugs surrounding Astroport, a top decentralized exchange built on the Terra Classic blockchain. The team also plans to tackle some technical chain issues found alongside bugs on Astroport. There are plans to give support to Pull Requests (PRs) for Layer-1 logic that has governance approval. 

In response to Nguyen’s update, one community member and full-stack blockchain developer identified as Aru Basu, threw some questions at the L1JTF leader regarding the protocol’s roadmap. Amongst his numerous questions, he requested to know if there is a roadmap that the L1JTF team is following and who the leader of the team is. 

Vinh, is there a roadmap you are following?

What is to be achieved currently?

Who is the leader of your team and why do you have 3 people in your team including yourself?

Like, do you not need more people?

Is there no more work to be done after this?

What is it exactly?

— Aru Basu (@klothtweets) October 16, 2023

Nguyen clarified that the roadmap for 2024 would be prepared by Q4.

More Upgrades on the LUNC Ecosystem 

The maintenance is one of the many upgrades going on in the LUNC ecosystem. About a week ago, the LUNC community endorsed the proposal to burn 800 million USTC tokens which was titled Proposal 11832 “Proposal to blacklist wallet TERRA1QYW695VAXJ7JL6S4U564C6XKFE59KERCG0H88W.” 

The proposal was passed after it exceeded the “pass threshold” with 54.07 percent “Yes” votes, 30.51 percent “No” votes, 13.39 percent “No with veto” votes, and 2.03 percent “Abstain” votes.

Also, a new validator proposed the introduction of a decentralized debit card into the LUNC ecosystem and the development has received overwhelming support in initial voting. The L1 Terra Classic Task Force (L1TF), is now in the final stages of readying the v2.2.0 core upgrade. All of these upgrades are geared towards the revitalization of the ecosystem.

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Filed under: Bitcoin - @ October 23, 2023 7:09 pm