• Terra Luna Classic’s Joint L1 Task Force (L1TF) has released an update outlining their plans for Q2.
• The team aims to reduce the circulating supply of LUNC and USTC tokens, as well as stabilize the impact caused by the CosmWasm Parity upgrade.
• Additionally, the community pool has started to refill after reaching low levels, providing some relief.
Terra Luna Classic L1TF Unveils Plan for Token Recovery
The Joint L1 Task Force (L1TF), Terra Luna Classic’s core developer group, has issued an update on their progress and future plans for Q2. In the upcoming quarter, the developer group aims to focus on reducing the circulating supply of LUNC and USTC tokens. Additionally, the community pool has started to refill after reaching low levels, providing some relief.
Ongoing Tasks Outlined
L1TF project manager, LuncBurnArmy, shared a status update on Twitter outlining tasks from June 26 to July 11. The team plans to prioritize upgrading Astroport’s smart contract before transitioning to the Q3 roadmap. A separate end-of-quarter update will provide a comprehensive review of completed tasks during Q2.
Stabilizing Impact of CosmWasm Parity Upgrade
The L1TF is also working to stabilize the impact caused by the CosmWasm Parity upgrade which introduced significant changes to the chain. Terraform Labs (TFL) has integrated a pull request that allows users to engage in seamless token swaps between LUNC and USTC using TerraSwap through TFL Station.
Burn Campaign Participation Discussed
There have been discussions within the community regarding validators’ participation in the burn campaign with concerns raised about reduced contributions following Binance’s restoration of its burn mechanism in March.
Unused Funds Returned To Community Pool
The team is currently working on Burntax split distribution module, dApp whitelisting contract upgrades using MigrateContractProposal and supporting Quant team for USTC repeg Unused funds will be returned to community pool which already started refilling and holds over 525 million LUNC