Six Samurai: Anonymous Developers Seek to Revive Terra Classic Ecosystem

Six Samurai: Anonymous Developers Seek to Revive Terra Classic Ecosystem

While the co-founder of Terraform Labs has been sentenced to four months in jail in Montenegro, a team of six anonymous developers have been attempting to revive the Terra Classic ecosystem after its collapse in May 2022. The six programmers, known as the “Six Samurai,” wholeheartedly believe that luna classic (LUNC) has “limitless upside potential.”

Developers Rally to Breathe Life Into Terra Classic

Following the collapse of the Terra ecosystem in May 2022, a new blockchain called Phoenix was formed, and the network issued new luna (LUNA) tokens. However, the old blockchain, now referred to as the “Classic” network, continues to exist and has a market valuation of approximately $531 million as of Monday, June 26, 2023. The native token of the Terra Classic chain, now known as luna classic (LUNC), currently trades at around $0.00009140 per unit.

A group of developers, self-identified as the “Six Samurai,” now aims to revive the struggling network and infuse new life into the Terra Classic blockchain ecosystem. The Six Samurai released a proposal outlining their idea, which was submitted by two developers named Bilbo Baggins and Solid Snake.

“If this proposal passes the whole team will dedicate themselves to performing their duties for the entire quarter, so the community doesn’t have to worry about anyone leaving partway through it,” the developers Bilbo Baggins and Solid Snake detail.

Although LUNC has experienced a 0.6% increase since the proposal, it pales in comparison to its all-time high of $119 per unit, which was recorded on April 5, 2022. However, LUNC has surged by 9,029% from its all-time low of $0.000000999967, which was registered on May 13, 2022, shortly after the collapse of Terra’s ecosystem.

This is not the initial instance of developers discussing the revival of the Terra Classic ecosystem. In late April 2023, supporters of Terra Classic deliberated on restoring terrausd classic (formerly UST) to its $1 parity. However, the plan never fully materialized, although terrausd classic (USTC) experienced a slight increase during the week the idea was deliberated.

The Six Samurai proposal encompasses numerous ideas to revive the chain, such as token burns, the establishment of a USTC testnet, and the creation of a feeshare module. The token burn concept entails “burning all the LUNC reminted from Binance customers’ fees to date.” A review of the comment section in the proposal reveals that several individuals expressed support for the idea.

What are your thoughts on the Six Samurai’s proposal to revive Terra Classic? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/O5NbqUa

Comments

Post a Comment

Popular posts from this blog

L2 Crypto Project Blast Achieves $660M TVL Amid Mockery for Key Developer Recruitment

Image
Recent data reveals that Blast, the new layer two (L2) blockchain platform, has amassed a significant $660 million in value within its decentralized finance (defi) protocol. Concurrently, while accumulating a variety of crypto assets, the initiative has commenced a search for experienced senior blockchain developers. While Amassing $660M, L2 Blast Project Searches for Developers In recent times, Blast has emerged as a focal point of interest. This project, conceptualized by Pacman , the mind behind the non-fungible token (NFT) marketplace Blur, has rapidly gained traction. Within a span of less than a week, the platform’s total value locked (TVL) soared to approximately $400 million. Concurrently, Blast faced allegations of resembling a Ponzi scheme. During this period, Paradigm, a principal investor in the project, admitted that the team had overstepped in certain aspects of communication and implementation. Pacman has also countered the Ponzi scheme allegations and further cl
Read more

Harsh Laws Make Bitcoin Holders Consider Renunciation or Dual Citizenship

Image
As digital currencies become a mainstay in society, a great number of governments have enforced strict tax guidelines, severe money transmission rules, and tough regulations. Because of a few nation-states’ harsh rules against cryptos, there are individuals who plan to renounce their citizenship in order to become stateless. Some people will also attempt to get double-citizenship, as both of these acts may help sovereign individuals avoid government intrusion and theft. Also Read: As FATF Regulations Galvanize, Crypto Mixing Applications Are Targeted A Cryptocurrency Advocate’s Quest for Financial Sovereignty May Involve Hard Choices It’s been close to 11 years since the inception of Bitcoin and during the last few years government agencies and law enforcement have been cracking down on digital currency holders. In certain areas around the world, a few countries have extremely difficult crypto laws and stringent capital gains taxes. Countries like the U.S. have imposed strict regul
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

Image
As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting
Read more