Let's discuss at length what the future Terra Luna Classic roadmap would look like, considering its recent upgrades and network updates.
Recently, Terra Luna Classic received its V22 network update. The update played a critical role in restoring the governance mechanism to the Luna Classic ecosystem and reintroducing Terra Luna Classic staking.
However, the Luna Classic's LUNC token still has a long way to go to regain its former glory.
Let's take a look at what new future upgrades and updates are in store for Terra Luna Classic.
All the Luna Classic updates coming in the future
The V22 upgrade deployed on the Terra Luna Classic network enabled users to stake their LUNC tokens and vote on ecosystem proposals.
Alongside that, the Luna Classic ecosystem is ready to embrace a 1.2% tax burn from September 20. The burn will hopefully stabilise the LUNC token and make its supply deflationary.
The tax burn will be applied to all on-chain activities on Terra Luna Classic.
Edward Kim, a Luna Classic contributor, provided a detailed recovery plan for the Luna Classic ecosystem in a Medium post.
Per the blog post, once the tax burn has been successfully deployed, the Luna Classic ecosystem will direct its focus towards re-pegging its USTC stablecoin to the value of $1.
Efforts to re-peg USTC back to $1 will help burn LUNC at a faster pace with market swaps.
A restructuring of Terra Classic’s $9.5bn of bad debt, which offers USTC holders material consideration for their current USTC holdings and represents the best efforts of the LUNC community, will underpin a sustainable renaissance of the Terra Classic ecosystem. Ultimately, this could lead to an exponentially faster burn of the LUNC supply by reversing it through the mechanism by which it was originally minted.
- Read more: How to stake Terra Luna Classic
The post also suggested a 'debt restructuring' alternative to assist USTC's recovery. According to the Medium post, the team performed extensive research on the subject and composed a list of community resources to help accomplish the re-peg without the assistance of outside investment.
The Terra Luna Classic revival plan also includes bolstering efforts to attract more decentralised applications (DApps) to the blockchain.
In addition, the network is also launching rogue-1, a new testnet based on Luna v2. Rogue-1, which is still in early development, will reportedly contain:
the stablecoins and all the necessary upgrades in cosmwasm and ibc to communicate with the rest of the cosmos ecosystem.
Along with that, any DApp built on V2 will not require additional developments or changes and will be compatible with other blockchains from day one.