Terra Luna Classic Unveils Plan to Reach $1: Token Recovery & More

• 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.
• They plan to prioritize reducing the circulating supply of LUNC and USTC, while also refilling the community pool.
• There is some concern over reduced contributions to the LUNC burn campaign following Binance’s restoration of its mechanism in March.

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. Additionally, the community pool has started to refill after reaching low levels, providing some relief.

However, there have been discussions within the community regarding validators’ participation in the LUNC burn campaign, with concerns raised about reduced contributions following Binance’s restoration of its LUNC burn mechanism in March.

Tasks Outlined by Joint L1 Task Force

Joint L1 Task Force 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 with a separate end-of-quarter update providing a comprehensive review of completed tasks during Q2.
The team is also working to stabilize impact caused by CosmWasm Parity upgrade which introduced significant changes to chain as well as integrating pull request that allows seamless token swaps between LUNC and USTC using TerraSwap through TFL Station. Other initiatives include Burntax split distribution module dApp whitelisting contract upgrades using MigrateContractProposal and supporting Quant team for USTC repeg with unused funds returned to community pool which has already started refilling and currently holds over 525 million LUNC .

Community Concern Over Reduced Contributions

Some members of Terra Luna Classic community have expressed concern over reduced contributions to the LUNC burn campaign following Binance’s restoration of its mechanism in March; however it remains unclear what effect this will have on overall token recovery efforts moving forward into Q3. It is likely that further updates will be released as progress continues throughout this quarter if not sooner, giving investors transparency into how things are developing at Terraform Labs overall going forward for both short and long term goals alike..

Project Manager’s Outlook

LuncBurnArmy ,the project manager ,shared his outlook saying that „We are continuing our mission towards making sure $LUNC stays healthy & resilient through our combined efforts.“ He believes that collaborative effort among all participants in Terraform Labs ecosystem is key towards achieving success & helping secure $LUNCs future value growth potential .

Conclusion

In conclusion ,the joint task force has made significant progress towards recovering tokens & securing future value growth potential but there remain some concerns from within community regarding contribution levels since Binance restored its own token burning system back in March . As such it remains uncertain what kind of impact this might have moving forward but it appears that additional updates will be released soon enough giving investors more insight into how things are developing now & beyond..