In the wake of the collapse of the Terra ecosystem in May 2022, a dedicated team of six anonymous developers, known as the “Six Samurai,” is making efforts to revive the Terra Classic ecosystem. Despite the recent sentencing of Terraform Labs’ co-founder to four months in jail in Montenegro, these developers firmly believe in the boundless potential of luna classic (LUNC).
Developer Enthusiasm Sparks a Resurgence for Terra Classic
After the downfall of the Terra ecosystem, a new blockchain called Phoenix emerged, accompanied by the issuance of new luna (LUNA) tokens. However, the original blockchain, now called the “Classic” network, continues to exist and currently holds a market valuation of approximately $531 million as of Monday, June 26, 2023. The native token of the Terra Classic chain, luna classic (LUNC), is currently trading at around $0.00009140 per unit.
The Six Samurai, a group of developers, have come together with the goal of breathing new life into the struggling network and revitalizing the Terra Classic blockchain ecosystem. Two developers, Bilbo Baggins and Solid Snake, submitted a proposal outlining their vision for the revival.
“In the event this proposal is accepted, our entire team will commit to fulfilling our duties for the entire quarter, ensuring the community’s concerns about premature departures are put to rest,” explained Bilbo Baggins and Solid Snake.
Although LUNC has seen a modest 0.6% increase since the proposal, it pales in comparison to its all-time high of $119 per unit, reached on April 5, 2022. However, LUNC has experienced an impressive surge of 9,029% from its all-time low of $0.000000999967, recorded shortly after the collapse of the Terra ecosystem on May 13, 2022.
This is not the first instance of developers discussing the revival of the Terra Classic ecosystem. In late April 2023, supporters of Terra Classic deliberated on restoring terrausd classic (formerly UST) to its $1 parity. While the plan did not fully materialize, terrausd classic (USTC) experienced a slight increase in value during the week when the idea was under consideration.
The proposal put forth by the Six Samurai encompasses various strategies to revitalize the chain, including token burns, the establishment of a USTC testnet, and the creation of a feeshare module. The concept of token burns involves “burning all the LUNC reminted from Binance customers’ fees to date.” The comments section of the proposal reveals expressions of support from several individuals.
We invite you to share your thoughts and opinions on the Six Samurai’s proposal to revive Terra Classic in the comments section below.
Frequently Asked Questions (FAQs) about Terra Classic ecosystem
What is the Terra Classic ecosystem?
The Terra Classic ecosystem refers to the original blockchain network that existed before the collapse of the Terra ecosystem in May 2022. It continues to operate separately from the new blockchain called Phoenix and has its own native token known as luna classic (LUNC).
Who are the Six Samurai?
The Six Samurai is a group of six anonymous developers who are working together to revive the Terra Classic ecosystem. They believe in the potential of luna classic (LUNC) and have submitted a proposal outlining their plans to infuse new life into the blockchain ecosystem.
What is the current market valuation of the Terra Classic ecosystem?
What strategies are proposed by the Six Samurai to revive Terra Classic?
The Six Samurai have proposed various strategies to revitalize the Terra Classic ecosystem. These include token burns, establishing a USTC testnet, and creating a feeshare module. The idea behind token burns is to eliminate LUNC tokens obtained from Binance customers’ fees. The proposal has received support from individuals in the comments section.
How has the value of luna classic (LUNC) fluctuated?
Luna classic (LUNC) has experienced fluctuations in value since the collapse of the Terra ecosystem. It reached an all-time high of $119 per unit on April 5, 2022, but currently trades at around $0.00009140 per unit. However, it has shown a significant surge of 9,029% from its all-time low of $0.000000999967, which occurred shortly after the ecosystem collapse.
Has there been any previous attempt to revive the Terra Classic ecosystem?
Yes, in late April 2023, there were discussions among supporters of Terra Classic to restore terrausd classic (formerly UST) to its $1 parity. However, the plan did not fully materialize, although terrausd classic (USTC) experienced a slight increase in value during the deliberation period. The current efforts by the Six Samurai represent a renewed attempt to revive the ecosystem.