Faced with a new proposal to restructure UST and reduce the LUNC supply, the Terra Classic community has been split into two camps.
As געמאלדן by The Crypto Basic yesterday, a new proposal authored by some members of the Terra Rebels proposes to launch an algorithmic fungible token (AFT) to restructure TerraClassicUSD (USTC) and regain the dollar peg.
While the proposal promises to burn the LUNC token faster, it requires that 500 billion or about 10% more LUNC be minted to buy Bitcoin to collateralize the AFT.
So, should more LUNC be minted to burn it faster as proposed?
Would you mint 10% of the $LUNC supply to burn it 50X faster?
- קלאַסי 👾 (@ClassyCrypto_) אקטאבער קסנומקס, קסנומקס
Notably, this question has split the LUNC community into two factions. While some believe it is a “no-brainer” as, in the end, the community wants faster burns, others like LUNC Burn assert it is a bad idea. Notably, the latter continuing its campaign against the proposal today, highlighted that there are no contingencies should the proposal fail.
Zero consideration for any $ לונק holder with zero contingencies factored in if it fails, he doesn’t care about $ לונק holders we are simply the bank to finance his experiment, to read this in his own words is is unbelievable @4lex_4sh4w_TR #לונק #לונקבארן #לונקקאָמונאַטי
— LUNC Burn (@LunaBurn_13) אקטאבער קסנומקס, קסנומקס
Fall-Out From Proposal Sparks Concerns That A Developer Could Hold The Chain Hostage As Developers Resort To Open Debate
It bears mentioning that another Terra Classic developer Tobias Andersen AKA Zaradar, is working on a separate proposal to repeg USTC that reportedly does not require the minting of more LUNC.
In response to the proposal from Alex Forshaw, Zaradar, who is one of the core developers, asserted quite authoritatively that no one will be minting LUNC tokens as long as he holds the reins. While some opposed to the proposal have rallied behind him, it raises concern as to whether a developer should prioritize his preference over the community should the community decide to support the proposal.
מיר קענען פאַרריכטן USTC אָן מינטינג מער LUNC. טאָן ניט מאַכן אנדערע פעלקער שלעכט געדאנקען צו מיין פערזענלעכע פּראָבלעם און צוטרוי מיר ווען איך זאָגן אַז אַזוי לאַנג ווי איך בין אין באַשולדיקונג פון די קאָד, קיין איינער וועט מינט נאָך LUNC טאָקענס 🙏 pic.twitter.com/oG2zFREvOO
— טאָביאַס אַנדערסען (@ZaradarTR) אקטאבער קסנומקס, קסנומקס
It also highlights a lack of depth in the LUNC development team and a lack of incentives to attract new developers that could replace any that decide to hold the chain hostage.
There are two devs working on the core platform, until more arrive, we are very much in charge of the code. Unless you feel like stepping in and helping out? 🙂
— טאָביאַס אַנדערסען (@ZaradarTR) אקטאבער קסנומקס, קסנומקס
Notably, Forshaw and Zaradar have resorted to a war of words on Twitter as they contrast their ideas. However, as the community awaits the proposal from the latter, LUNC DAO, a popular community validator, has welcomed the plurality of ideas and heated debates as facilitators of growth.
Now is a critical time for $LUNC. It’s very positive that a lot of proposals are being put forward to fix $וסטק
With feedback from the community (both logical and pure emotional/narrative sentiment), these plans can be refined and we can move forward together as a community
— 🔥🙏 𝕃𝕌ℕℂ 𝔻𝔸𝕆 🙏🔥 (@LUNCDAO) אקטאבער קסנומקס, קסנומקס
- אַדווערטייזמאַנט -
Source: https://thecryptobasic.com/2022/10/05/should-10-more-terra-luna-classic-lunc-be-minted-to-burn-it-50x-faster/?utm_source=rss&utm_medium=rss&utm_campaign=should-10-more-terra-luna-classic-lunc-be-minted-to-burn-it-50x-faster