While the co-founder of Terraform Labs has been sentenced to four months in jail in Montenegro, a team of six anonymous developers have been attempting to revive the Terra Classic ecosystem after its collapse in May 2022. The six programmers, known as the “Six Samurai,” wholeheartedly believe that luna classic (LUNC) has “limitless upside potential.”
Developers Rally to Breathe Life Into Terra Classic
Following the collapse of the Terra ecosystem in May 2022, a new blockchain called Phoenix was formed, and the network issued new luna (LUNA) tokens. However, the old blockchain, now referred to as the “Classic” network, continues to exist and has a market valuation of approximately $531 million as of Monday, June 26, 2023. The native token of the Terra Classic chain, now known as luna classic (LUNC), currently trades at around $0.00009140 per unit.
A group of developers, self-identified as the “Six Samurai,” now aims to revive the struggling network and infuse new life into the Terra Classic blockchain ecosystem. The Six Samurai released a proposal outlining their idea, which was submitted by two developers named Bilbo Baggins and Solid Snake.
“If this proposal passes the whole team will dedicate themselves to performing their duties for the entire quarter, so the community doesn’t have to worry about anyone leaving partway through it,” the developers Bilbo Baggins and Solid Snake detail.
Although LUNC has experienced a 0.6% increase since the proposal, it pales in comparison to its all-time high of $119 per unit, which was recorded on April 5, 2022. However, LUNC has surged by 9,029% from its all-time low of $0.000000999967, which was registered on May 13, 2022, shortly after the collapse of Terra’s ecosystem.
This is not the initial 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. However, the plan never fully materialized, although terrausd classic (USTC) experienced a slight increase during the week the idea was deliberated.
The Six Samurai proposal encompasses numerous ideas to revive the chain, such as token burns, the establishment of a USTC testnet, and the creation of a feeshare module. The token burn concept entails “burning all the LUNC reminted from Binance customers’ fees to date.” A review of the comment section in the proposal reveals that several individuals expressed support for the idea.
What are your thoughts on the Six Samurai’s proposal to revive Terra Classic? Share your thoughts and opinions about this subject in the comments section below.