Terra Luna Classic Announces Network Upgrade And Joint L1 Task Force Q2 Plan – NewsTo
Terra Luna Classic Announces Network Upgrade And Joint L1 Task Force Q2 Plan

Terra Luna Classic Announces Network Upgrade And Joint L1 Task Force Q2 Plan

The Terra Luna Classic core developer group Joint L1 Task Force has submitted their strategy and budget for Q2; Edward Kim is no longer a member of the team.

Joint L1 Task Force core developer group for Terra Luna Classic has submitted its Q2 plan and budget. The development team executed a number of essential blockchain upgrades, including the v1.0.5 hotfix and v1.1.0 versions, which restored the Binance LUNC burn mechanism.

The release of v2.0.0, a significant blockchain upgrade, is scheduled for March 31. This release will include upgrades to Cosmos SDK v0.45.13 and Tendermint v34.24. Edward Kim, a core developer and professor, said that the upgrade is required in order to move forward with the intention to add AI capabilities to the Terra Classic chain.

The second quarter proposals include testing the v2.0.0 upgrade and constructing the testnet, giving technical guidance and development help for the Ziggy USTC repeg and deliver v2.1.0, and parity with the Cosmos blockchain. The community has expressed its support for the Joint L1 Task Force group’s Q2 proposal.

In addition, the company intends to collaborate with an L2 team on developing Classic Station in order to provide features such as on-ramp functionality. It will significantly facilitate testing and upgrade scheduling while lowering the burden on third parties.

Edward Kim is excluded from the Q2 budget. He is working on AI sidechain development and other machine learning technologies to restore the chain’s functionality with Cosmos and Tendermint dApp compatibility upgrades.

Terra Luna Classic Announces Network Upgrade and Joint L1 Task Force Q2 Plan

Budget for the Terra Luna Classic Developer L1 Task Force

The L1 Task Force Q2 development team will include Superman, Till, Tobias, and Vinh, and will be led by LuncBurnArmy. USTC repeg, The L2 team, and Classic Station each have their own distinct governance proposals.

The budget for Q2 is $139.5k, roughly identical to Q1’s $141.75k. This is around 1,555 billion LUNC tokens. The budget amounts to $3,000, or an average of $1,000 per developer. Significantly, the monthly distribution of funds will occur following approval from the Oversight Committee and multisig signers of the Terra Grants Foundation.

This budget amount was appropriate for the first quarter, and we would like to maintain the same level of OPEX moving ahead. Note: Unused OPEX funds will either be carried over to the next quarter or returned to the community pool if the L1 Task Force is not renewed.”

Before approving the budget for the second quarter, a few prominent members of the community suggested addressing the tasks completed by the developer group in the first quarter.

The current LUNC price is $0.00012, a 2% decrease over the past 24 hours. The low and high for the past 24 hours are $0.000121 and $0.0001251, respectively. Similarly, the price of USTC declined 2% and is currently trading at $0.021.

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