Terra Rebels, the volunteer developer group behind the 1.2% tax burn proposal, releases the official Terra Classic (LUNC) Revival Roadmap. Edward Kim and Alex Foreshaw, the lead developers of Terra Rebels, outline 3 objectives — “Rebuild the Algorithmic Fungible Token (AFT), Rebuild the project ecosystem, and Rebuild independence.”
Terra Rebels Releases Terra Classic (LUNC) Roadmap
Terra Rebels in a tweet on September 29 announced the release of the official Terra Classic revival roadmap. The Roadmap and white paper are available on the official website. However, the roadmap is subject to change as the developments continue for the recovery of Terra Classic.
“It brings us great pleasure to release to all of you the official Terra Rebel Roadmap. The roadmap is readily viewable on our website here: terrarebels.net. Please be aware that the roadmap is subject to change.”
Moreover, Terra Rebels announces accepting donations through Open Collective and Terra Classic Wallet. The details are available in this tweet.
During the emergency phase, Terra Rebels re-enables delegation and staking with the v22 upgrade, which was successfully implemented on August 26, officially starting the Terra Classic blockchain and LUNA token revival. Thereafter, Terra Rebels’ governance proposal 4661 was successfully passed with a 99.88% “yes” vote, enabling a 1.2% tax burn on all on-chain transactions from September 21. With this, 6 stages are now completed in the roadmap.
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Now, in the rebuild phase, Edward Kim and Alex Foreshaw outline 3 objectives Rebuild the Algorithmic Fungible Token (AFT), Rebuild the project ecosystem, and Rebuild independence.
Rebuild the Algorithmic Fungible Token (AFT)
Terra Rebels aims to launch the Algorithmic Fungible Token (AFT). The developers will disable the old Terra swap mechanism and work on a new Terra swap mechanism to further reduce the total supply. In fact, the old Terra swap mechanism was the reason behind LUNA hyperinflation and UST algorithmic stablecoin‘s collapse.
It requires the debt-to-equity swap in order to repeg the AFT to the U.S. dollar. Focusing on decentralization, Terra Rebels plans a certain percent dilution or community fundraising instead of taking help from an external investor or entity.
Meanwhile, a large, on-chain, programmatic reserve is under design to retire the entire circulating supply of USTC. It may not prevent Terra Classic (LUNC) holders from losses in case of a systemic crisis. However, it will not result in a hyperinflationary scenario seen during the Terra-LUNA crisis. It is most likely to happen in 2022.
Rebuild the Project Ecosystem
Terra Rebels will work on re-enabling Inter-Block Communication (IBC) between Osmosis and Terra, Upgrades and Utility for chain cleanup, and compatibility with Cosmos v45.8 and Tendermint v0.34 for dApps and project support on Terra Classic blockchain.
Rebuild Independence
Terra Rebels aims to make Terra Classic completely independent of TFL. The community raises concerns over the relationship between TFL, Do Kwon, and Terra Classic. The community comprising developers, validators, LUNC holders, and others will have rights over Terra Classic. Terra Rebels are working on Light Client Daemon (LCD), Terra Station Wallet, and Community Pool to become independent of TFL and Do Kwon. Moreover, TFL is focusing on LUNA v2, already withdrawing support for the Terra Classic blockchain and LUNC token.
LUNC Token Shows Strength
Terra Classic (LUNC) price has rallied 37,000% since the Terra-LUNA crisis, as per CoinGecko. Moreover, the price jumped nearly 500% after the v22 upgrade. It includes burning, staking, project building, ecosystem education, and governance activities.
LUNC price hit a high of $0.00058 on September 8. Currently, the price is trading at $0.00027 due to an arrest warrant issued against Terra founder Do Kwon by South Korean authorities.
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