TerraCVita says LUNC DEX development is on track.
The development of a decentralized exchange on the Terra Classic network is on track, according to an update from the independent development group TerraCVita in a tweet today.
“Dex is on track, along with all the other great projects,” the group tweeted as part of a meeting update. “Presale due in the next couple of weeks.”
Great project meeting update ⚒️💰
Dex is on track, along with all the other great projects.
Presale due in the next couple of weeks.
— TerraCVita (@TerracVita) November 16, 2022
Notably, statements from the TerraCVita indicate that the developers are confident that the DEX will massively boost the burning of excess Terra Luna Classic supply.
“You wanted a LUNC burner, @TerraCVita built a furnace,” Rex Harrison, AKA Rexzy, of TerraCVita tweeted.
It is worth noting that following the Terra ecosystem collapse that saw the excess minting of LUNC tokens, the community has united under a shared vision to cut down the 6.9 trillion supply to 10 billion. Data from TerRarity shows that the community, through various burn initiatives and with the support of different groups and exchanges like Binance, has burned about 27.8 billion LUNC.
Harrison first hinted at the development of a Terra Classic DEX three weeks ago, as reported by The Crypto Basic. It came in response to a community poll that showed that most LUNC holders wanted to see a DEX on the network.
The development comes days after The Crypto Basic disclosed that a new NFT marketplace had launched on the network. Notably, the increased number of projects building on the chain indicates that the chain is again opening up for business.
It bears mentioning that community members may have to wait till after the re-opening of a particular Inter Blockchain Communication channel before the DEX launches. However, the IBC proposal that the TerraCVita is pushing has already reached the voting stage, as highlighted by @tiilentekija, AKA fragwuerdig, the proposer, in a tweet yesterday.
As previously reported by The Crypto Basic, the wording of the IBC proposal had raised concerns amongst some community members.