The recent proposal by a group of six engineers, known as the “Six Samurai”, has brought to light the potential revival of the Terra Classic ecosystem – an original network created by Terraform Labs. This initiative comes as certain community members desperately seek independence from the project’s disgraced founder, Do Kwon.
Unlike Terra 2.0, a forked version created following Terra’s downfall, Terra Classic has operated as a standalone blockchain with its LUNC tokens currently valued at $580 million. The engineers, led by “Bilbo Baggins” and “Solid Snake”, submitted a governance proposal over the weekend, proposing a $116,000 three-month expenditure from the Terra Classic community. Upon approval, the team pledged to work part-time on the project.
According to the Six Samurai, “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.” The group’s objectives include providing value to the ecosystem during its recovery process while also contributing to the Terra Classic blockchain as both developers and long-time community members/investors.
Some tasks proposed by Samurai Six involve network upgrades to minimize syncing time between nodes, the establishment of a terraUSD (USTC) testnet to trial financial services, an application to provide yield generation for token holders, and a reward scheme for developers whose applications generate user activity. The ultimate goal of these endeavors is to propel value into the Terra Classic ecosystem and subsequently increase LUNC’s value over time.
The efforts of Samurai Six reflect the staunch commitment of a few community members to revive the once-successful Terra Classic platform. Mid-April discussions, started by community member “RedlineDrifter”, described a new model for the Terra Classic’s UST stablecoin that would rely on token buybacks, unidirectional swaps, staking, and an “algorithmic peg divergence fee”. The intention behind this strategy was to address the original design’s shortcomings.
It is crucial to mention that UST was the primary token implicated in Terra’s collapse, which resulted in a 99.9% drop in LUNA token prices, a staggering $28 billion loss in Terra-based DeFi applications, and the eventual downfall of numerous crypto funds. It remains to be seen how much traction the Six Samurai’s proposal will receive, and if this united push for revival can indeed breathe new life into the Terra Classic ecosystem.
Source: Coindesk
