The Aligned Future Of Terra Luna Classic
Updated: Oct 19, 2022
At times the Terra Luna Classic community does not agree with one another, this is completely understandable. However, lately more then ever there have been many instances where key community members have aired dirty laundry publicly and this has caused a fair amount of negative discourse across social media platforms such as Twitter.
Naturally this caused me to delve deeper into why the disagreements were originally caused and it can be pinned down to two main reasons:
Disagreement between Terra Rebels developers on the ideal future for the re-pegging of the Terra Luna Classic stable coin.
Uncertainty on whether or not reducing the tax will actually help the chain or damage it.
Lets address point #1 first: There are no issues with disagreeing or having different visions on an ideal future for Terra Luna Classic in any regard, and the re-pegging of our stable coin is no different. However, there are issues when we involve personal matters in a professional setting. What I will say is that Terra Rebels needs to have some kind of mutually agreed upon public communication clause that prohibits them from publicly bashing one another and airing personal matters on social media. It looks incredibly unprofessional we can already see the damage this has caused. If we have disagreements we should keep it professional and factual. Here is an example of how this type of immature behavior has already caused some damage:
Bull.BnB a massive influencer of over 320K followers on Twitter has taken notice to the on-going issues and is actively speaking out about it, there are many other examples of this so it's best we stop this before it causes any more damage. The solution is simple, improve communications and put a system in place that prohibits Terra Rebels team members from speaking poorly about one another on personal matters. Keep it professional.
Now to address point #2: A recent point of contention in the community was whether or not reducing the burn tax for Terra Luna Classic would be beneficial to our community or detrimental, and to be clear there is no clear answer at this time. We haven't collected enough data to really know for certain whether or not reducing the tax will increase on-chain transactions or not, we also don't know for certain whether or not it will make more exchanges implement our burn on their exchange. The only way to find out is to try, and right now is one of the better times to experiment and collect as much data as we possibly can. Worst case reducing the tax doesn't work and we revert the change, best case it works incredibly well and we make tons of progress. Low risk, high reward. In the end the majority of people voted in favor of this change, so we must respect the DAO for it represents the best interest of the majority of the community.
Now to speak on the future of Terra Luna Classic and where we should be focusing the majority of our efforts moving forward!
While Terra Luna Classic burns are definitely a nice addition to have as we progress and develop our chain, this is not the most important factor for the success of Luna Classic. Most applications that run on Luna Classic require the pegging of the USTC stable-coin to work. Applications will be the single largest driver of traffic to our blockchain so naturally our next big step should be re-pegging USTC in a sustainable way. Luckily we have some amazing developers who are working tirelessly on doing just that. After reviewing plenty of different options and understanding the risks and rewards of all different proposals the option presented by Terra Rebels team member Zaradar looked to me to be the most risk adverse and sustainable option moving forward. If you wish to read his entire proposal link is here: https://medium.com/@ZaradarTR/terra-classic-ustc-re-peg-proposal-69283545a554
Once we implement the re-peg and start burning billions of Terra Luna Classic every day as a result of this we can attract thousands of new developers to build apps on our chain which will drive immense traffic. This in theory can make Terra Luna Classic a top 10 cryptocurrency in less then a year.
If you enjoyed the blog today please consider sharing on social media, lets align our community and start working towards a better future for everyone! Take care.