‘Six Samurai’ is a revival plan for Terra Classic | CoinDesk JAPAN | Coin Desk Japan

Engineers calling themselves the “Six Samurai” have proposed a plan to revive the Terra Classic blockchain. TerraClassic continues with several community members trying to escape the spell of its disgraced founder, Do Kwon.

Terraclassic is a blockchain originally developed by Terraform Labs, and it exists as an independent blockchain instead of “Terra 2.0”, which forked during the collapse. The market capitalization of the native token “Terra Classic (LUNC)” is about 5.8 billion dollars (about 812 billion yen, converted to 140 yen per dollar) as of the 26th.

The six samurai leaders are Bilbo Baggins and Solid Snake. Over the weekend, the six offered the Terraclassic community about $116,000 (about 16.2 million yen) for three months’ funding. If approved, the project will proceed part-time.

“LUNC has limitless potential, and to bring about a true revival of the ecosystem, we want to leverage our skills to deliver value to blockchain and all investors and help make it happen.” I’m thinking,” said the six samurai.

“We are here to provide value to an ecosystem that is on the road to revival. We are also a developer and longtime community member/investor and contributor to Terra Classic. I think,” he continued.

Improvements proposed by Six Samurai include network upgrades to reduce synchronization time between nodes, Terra USD testnet for testing financial services, and yields to token holders. This includes new applications for offering, rewarding developers for creating user activity, and more.

These efforts aim to add value to the Terraclassic ecosystem and increase the value of LUNC over time.

The Six Samurai are among the few community members working on a Terra Classic revival to save the once-thriving ecosystem.

In a discussion that began in mid-April, community member RedLineDrifter proposed a new model for the Terra Classic stablecoin Terra USD (UST). Token buybacks, one-way swaps, staking, and “algorithmic peg deviation fees” to address issues that existed in the original design.

UST became the center of the Terra collapse. Cryptocurrency Terra (LUNA) Price Drops 99.9%, Terra-Based DeFi (Decentralized Finance) Applications Lost $28 Billion, Multiple Crypto Asset Funds collapsed in a chain.

｜Translation: CoinDesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Shutterstock
｜Original: Terra Classic Revival Plans Continue as 6 Engineers Aim to Revive LUNC Ecosystem