Over the weekend, a group of full-stack engineers put forth a proposal on Terra Classic’s governance forum in a bid to revive the Terra Classic blockchain. Terra Classic is the original Terra network which was rebranded after LUNA’s collapse, which saw the creation of a forked chain called Terra 2.0.
Terra Classic’s native token LUNC trades with a market cap of $532 million, a far cry from the $40 billion in May 2022. Still, some members of the community are committed to restoring value and further decentralizing the blockchain.
The proposal’s authors “Bilbo Baggins” and “Solid Snake” claim to have assembled a team of industry veterans called the “Six Samurai” to help push Terra Classic to where it deserves to go.
Although the proposal is in direct competition with similar ones floated by community members on the best way to restore value to the Layer 1 chain, the authors believe that competition and options are good for the ecosystem.
“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,” they said.
Some of the items on the proposal’s agenda include reducing sync time for nodes, establishing a terraUSD (USTC) testnet for financial services efforts in Q4, enabling cross chain yield through interchain staking and allowing developers to receive a portion of gas fee generated on their contract.
The proposal also calls for creating community subpools for better budgeting and cashflow management. These subpools would automatically receive allocations from the main community pool through pre-determined governance parameters.
“Team members will work part-time, but the amount of hours will be scaled up as needed to deliver on the roadmap (at no extra cost to the community),” said the proposal authors.