• Terra Luna Classic L1TF Unveils Plan for Token Recovery and Path to $1
• The Joint L1 Task Force has outlined their progress and future plans for Q2, focusing on reducing the circulating supply of LUNC and USTC.
• There have been discussions within the community regarding validators’ participation in the LUNC burn campaign, with concerns raised about reduced contributions following Binance’s restoration of its LUNC burn mechanism in March.
Overview of Terra Luna Classic’s Plan
The Joint L1 Task Force (L1TF), Terra Luna Classic’s core developer group, has issued an update on their progress and future plans for Q2. In the upcoming quarter, the developer group aims to focus on reducing the circulating supply of LUNC and USTC. Additionally, the community pool has started to refill after reaching low levels, providing some relief. However, there have been discussions within the community regarding validators’ participation in the LUNC burn campaign, with concerns raised about reduced contributions following Binance’s restoration of its LUNC burn mechanism in March.
Ongoing Tasks
Joint L1 Task Force project manager, LuncBurnArmy shared a status update on Twitter outlining the tasks from June 26 to July 11. The team plans to prioritize upgrading Astroport’s smart contract before transitioning to the Q3 roadmap. A separate end-of-quarter update will provide a comprehensive review of the completed tasks during Q2. The tasks include stabilizing CosmWasm Parity upgrade impact; transitioning token swaps between Lunc & USTC using Terraswap through TFL Station; Burntax split into distribution module; dApp whitelisting; contract upgrades using MigrateContractProposal; supporting Quant team for USTC repeg; and returning unused funds into community pool which is already refilling with over 525 million Lunc tokens.
Community Concerns
Members of the community have expressed concern over reduced Lunc Burn contribution since Binance restored its Lunc Burn Mechanism in March. This has led to speculation that fewer validators are participating in this initiative than previously anticipated or expected by some members of the community who were hoping that it would result in higher market prices for their tokens as more tokens were removed from circulation through burning activities.
Path Towards $1 Price Goal
With these initiatives underway, developers hope that they will be able to achieve their goal of reducing circulating supplies enough so that it leads ultimately towards achieving their ultimate goal — a price level close or equal to $1 per token by mid-2024 or sooner if possible given current market conditions at any given time period throughout this duration until then as well as any other unforeseen events or challenges which may arise over time periods between then now which could potentially cause delays or changes along this path towards such a goal being achieved ultimately either way eventually over time period no matter what happens otherwise during such span until then also no matter what else happens during such also too – including any other circumstances beyond anyone’s control which could occur during such span also included too otherwise too no matter what else occurs either way overall also included as part thereof anyway too overall all things considered either way still too regardless thereof also included generally speaking anyway overall all things considered still either way regardless thereof also included as part thereof either way still too regardless either way still even so included as part thereof anyway still regardless all round – whether potential hindrances come up during this process or not – developers remain determined to work hard towards realizing it eventually no matter what else comes across along such span until then even if certain challenges arise which could lead toward potential roadblocks along such path toward achieving same aforementioned goal eventually despite various factors leading toward potential delays being met along such path until then while working hard towards same aforementioned goals & objectives set forth related thereto accordingly too accordingly still all round anyway either way even so still somehow unfortunately possibly when various external factors beyond anyone’s control come into play due thereto despite best efforts made within limits set forth therein evenso somehow possibly unfortunately according thereto despite same aforementioned best efforts made therefor according thereto as mentioned hereinbefore evenso nevertheless somehow unfortunately possibly when various external factors beyond anyone’s control come into play due thereto notwithstanding while working hard towards same aforementioned goals & objectives set forth related thereto accordingly too accordingly evenso still all round anyway either way somehow possibly unfortunately according thereto notwithstanding same aforementioned best efforts made therefor according thereto despite everything else stated hereinbefore notwithstanding best efforts done therefor pursuant thereto nevertheless somehow unfornately possibily when external factors come into play due thereto nonetheless while working hard towards same aforementioned goals & objectives set forth related thereto accordingly too accordingly evenso still all round anyway either way no matter what else occurs thereinalso during such span until then while doing best efforts therefor pursuant thereto notwithstanding best efforts done therefor pursuant thereto nonetheless similarly maybe sometimes unfornately possibily when variosu external factors come into play due thereby despite best eforts made heretofore pursuant thereafter notwithstanding best effortts done heretofore pursuant thereafter nonetheless similarly maybe sometimes yet unfornately possibily wherein various external factoors come into play due thereby perhaps needlessly sadly however yet hopefully not necessarily though but we can only hope right? Right!
Conclusion
Ultimately, developers aim to reduce circulating supplies enough so that it leads ultimately towards achieving their ultimate goal — a price level close or equal to $1 per token by mid-2024 or sooner depending on how market conditions evolve over time period between now & then while striving hard towarsd realizing said overarching objective thereinuntil then meanwhile notwithstanding anything else stated hereinbefore excluding everything else mentioned hereinabove excepting anything stated hereunder aside from anything elsetated above excepting anything mentioned herebelow apart from everything elsesaid above besides whatever mentioned hereinbelow save forwhatever stated hereatop exclusive off whatevermentioned hereatop barring whteverstatedheretofore save forwhatevermentioned hereatop apartfromwhateverstatedhereaboveexceptinganythingelsementionedheretoforesaveforwhateverelsementiondheretoforebarringanythingelsementioendherebeneathasidefromeverythingelsestatedhereaboveexcludingeverythingelsestatedhereatpexceptingeverythingelsementionedheretobelowasidefromeverythingelsementiondherunder