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.
My plan doesn’t involve minting new LUNC anymore
— 4lex_4sh4w_TR (@4lex_4sh4w_TR) October 5, 2022
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.”
Just for clarity no 'one' is in charge of #LUNC code.
#terraclassiccommunity is in charge of the code…
When we became a community block chain, and established community governance we voted 'NO' to centralised control and 'NO' to dictatorship.
— TerraRebel (@RexYellerBelly) October 5, 2022
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.
It’s being worked on. Should be ready in a week or two
— Tobias Andersen (@ZaradarTR) October 5, 2022
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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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