Pundit Outlines Measures that Could Take Terra Classic To $1

Among the measures outlined by Classy is a decrease of the several proposals periodically reviewing burn tax rates.

Classy Crypto, an anonymous yet notable Terra Classic community member, has outlined a few measures the LUNC community could employ to expedite the rejuvenation campaign launched for the LUNC and can take Terra classic above $1. Classy’s recommendations come shortly after developers successfully reopen the Inter-Blockchain Communication (IBC) channel to Osmosis, as the community seeks measures to accelerate LUNC’s resurgence.

The scheme proposed consists of four recommended measures, most of which are readily achievable. Classy disclosed these recommendations Thursday on Twitter through a scheme he dubbed “How to pump LUNC.” These measures include:

Reduction of Proposals Reviewing Burn Rates

According to Classy, the community should reduce the number of proposals being launched, seeking to review or make changes to the rate of the tax burn or wallets with off-chain assets.

Following the unfavorable effects of the 1.2% tax burn rate on the trading volume of Terra Classic, the community conceived an idea to significantly reduce the burn rate to get back investor interest in LUNC, as the market experienced a dearth of investors due to the high tax burn rate. A proposal to reduce the rate to 0.2% was passed.

More Spaces to Hold Healthy Dialogues on LUNC

Investors like to feel assured that their investments are not in dead projects, and LUNC investors are no different. Classy understands this, and that’s why he has proposed that the community hold more Twitter spaces or discussion sessions to have healthy dialogues on the prospects of LUNC.

Classy believes these dialogues can help boost investor confidence and subsequently attract more investments into the asset, facilitating demand and ultimately contributing to its price action. The LUNC community remains one of the most active within the crypto space, and increasing these social activities would benefit the asset’s momentum.

Securing VC Funding from Private Organizations

Venture Capital is integral to any financial scene, including the cryptocurrency industry. Most assets are standing today because of numerous backings from VC firms. Polygon and Solana, in particular, have received funding from several firms to the tune of $451M and $315M, respectively. Classy thinks the Terra Classic chain can also benefit from such funding.

According to him, the community should solicit funding from interested organizations to bolster on-chain developments for the Terra Classic network. In addition to supporting developments, securing VC funding publicly promotes the network, as investors would like to troop into an asset receiving enough attention from notable private organizations.

Re-peg USTC and V23 Parity

TerraClassicUSD (USTC) lost its peg during the collapse of the Terra ecosystem in May and is currently trading at $0.0244 as of press time. Re-pegging USTC has always been one of the top priorities of certain community members, including Classy. 

In October, Tobias “Zarader” Andersen, a prominent Terra Classic core developer and member of the Terra Rebels group, unveiled a proposal to re-peg USTC. Zarader proposed measures to reduce the debt amassed during the Terra collapse significantly. To do this, Zarader proposed Quantitative Easing (QE). The asset surged by over 40% in response to the proposal.

Additionally, Classy highlighted the significance of the V23 upgrade and LUNC parity. The upgrade is slated to occur this month, following the reopening of the IBC to the Cosmos decentralized exchange, Osmosis which occurred on Tuesday. The V23 upgrade was initially scheduled to occur alongside the reopening of the IBC to Osmosis, but LUNC core developer Edward Kim previously passed a proposal to implement the latter first.