Monday, December 5, 2022
HomeCrypto NewsMarketDeveloper Confirms No New LUNC Minting, As Terra Rebel Asserts No One...

Developer Confirms No New LUNC Minting, As Terra Rebel Asserts No One Is In Charge Of Terra Classic Codes

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The voice of the Terra Classic community prevails as Alex Forshaw yields.

On Tuesday, The Crypto Basic reported that some members of the Terra Rebels had made a new proposal to restructure and repeg TerraClassicUSD (USTC). However, the proposal was met with stiff resistance as it included plans to mint 500 billion Terra Luna Classic (LUNC) to purchase Bitcoin as collateral for a new algorithmic fungible token (AFT) called USTN.

At the time, several influential voices in the community spoke up against it, calling it a bad idea and an erosion of any progress made through recent burn initiatives. Moreover, it led to heated open debates amongst developers.

However, in a tweet today, Alex Forshaw, the major proponent of the proposal, disclosed that his plan does not involve minting new LUNC anymore. It came in response to a tweet by Classy Crypto, one of the community’s leading influencers, announcing that the competing repeg proposal from Tobias Andersen AKA Zaradar should be expected in 2 weeks, touting it as the proposal for those opposed to minting new tokens.

It bears mentioning that Zaradar, in response to Forshaw’s proposal on Tuesday, asserted that he was in charge of the codes and no one would be minting new LUNC. Today in response, RexYellerBelly of the Terra Rebels has debunked this statement, noting that the chain will not be subject to centralized control.

“Just for clarity, no ‘one’ is in charge of LUNC code.”

As highlighted above, Zaradar, one of the core developers, is also working on a Terra repeg plan to be released within 2 weeks, as announced by Classy Crypto. The developer disclosed this in response to inquiries about the timeline.

Notably, a rough outline of his proposal has also been released.

“1) Implement “partitioned pools” 2) Enable swaps with 10B cap on LUNC 3) Implement ABS keeper 4) Build value adding 2nd layer dapps to grow network 5) use taxes to recapitalise community pool 6) Establish USTC as “reserve currency” for all “partitioned pools.” “

In response to today’s developments, several community members have thanked Forshaw for listening to the community.

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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