In the wake of the devastating collapse of the Terraform Labs ecosystem in 2022, the project’s native cryptocurrency, Terra Classic (LUNC), experienced a dramatic price crash.
This crypto asset, although still accessible for trading, currently stands as a somber reminder of Terra’s former glory. As the crypto world navigates the aftermath, Terra Classic struggles to reclaim its former heights.
However, there are those who believe that there’s still plenty of potential in this ecosystem. Notably, an anonymous group of blockchain developers, known as the “Six Samurai,” released a proposal on June 24 to revive Terra and “help push this chain where it deserves to go.”
“LUNC has limitless upside potential, and we want to help realize it by leveraging our skills to bring value to the blockchain and all its investors in order to accomplish a true revival of the ecosystem. To accomplish that, we’re prepared to do the hard work.”
– Six Samurai wrote in their governance proposal.
Terra Classic price analysis
At press time, LUNC was trading at $0.00009143, up 0.34% in the past 24 hours. Over the past week, the cryptocurrency rose over 2.4%.
On a monthly basis, Terra Classic climbed more than 5.6%. Year-to-date, the token remains deep in the red, down over 33%.
Since Six Samurai’s proposal, LUNC gained 0.6%, with its price remaining a far cry from the all-time high of $119 reached in April 2022.
What are Six Samurai proposing?
Now, investors are now closely monitoring recent developments surrounding the Terra Classic blockchain. Their attention has been piqued by Six Samurai’s proposal, as they eagerly assess the potential for revitalizing this forgotten crypto asset.
In its Q3 spend proposal, which has a proposed 3-month spend of $116,000, Six Samurai said its team of “lean, experienced, and agile” developers will spend the entire quarter performing their duties if the proposal gets approved.
The group recommended several different ideas to revive the Terra chain and breathe new life into it, including token burns, the creation of a TerraClassicUSD (USTC) testnet, as well as the establishment of FeeShare and Alliance modules, among other things.
Regarding the token burn concept, Six Samurai proposed “burning all the LUNC reminted from Binance customers’ fees to date.” This idea was supported by several individuals in the comment section.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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