Terra Luna Classic community members Happy Catty Crypto and StrathCole have proposed a united vision for the revival of the chain. In addition to presenting ideas and suggestions for the chain, they have invited developers, community members, validators, and stakeholders to shape the future of Terra Classic amidst the increasing FUD and significant drops in LUNC and USTC prices.
Happy Catty Crypto, a validator of Terra Luna Classic, stated the following in a post published on August 18:
Terra Classic Expedition: A united vision. It outlines the main aspects of a vision and emphasizes significant developmental milestones rather than Level 1 tasks such as routine updates, mandatory security patches, and feature implementations.
According to the vision document, it aims to enhance development efforts, reduce costs, increase transparency, and replace the tax on the chain with a better alternative. To increase transparency and incentivize project completion, it proposes weekly payments per milestone for developers through smart contracts.
Additionally, the proposal includes the implementation of a dynamic commission module for validators, the integration of an official discussion platform into the Terra Classic Wallet, and facilitation of user participation with Station on-ramps.
Furthermore, it aims to enhance security and trust through a mandatory verification process involving a voluntary KYC process, verification through Github assets and withdrawal requests. It also suggests allocating spending proposals for Hexxagon to prevent the financing of both Allnodes and Hexxagon endpoint infrastructure.
The report also suggests replacing the current 0.5% on-chain tax with a better dynamic approach that facilitates the conversion of assets and dApps between tax-exempt chains like Terra Luna Classic and LUNA. It also proposes integrating a text field in the voting section of Station for voting reasons.
Dark clouds have been looming around LUNA and USTC for the past year, with investors’ high hopes turning into major disappointments. Even the transition to a new version of the cryptocurrency, the arrest of its creator Do Kwon, and similar events could not bring the cryptocurrency to the desired level for investors.
The price of LUNC, which investors have been following with the expectation of reaching $1, is currently trading at $0.000062 with a 6% drop in the last 24 hours. The lowest and highest prices in the past 24 hours were $0.0000571 and $0.0000667, respectively. Meanwhile, the price of USTC is trading at $0.012 with an 8% drop in the last 24 hours.