The co-founder of Terraform Labs was given a four-month prison sentence in Montenegro, but a group of six anonymous developers have been working to resurrect the Terra Classic ecosystem following its demise in May 2022. The “Six Samurai,” six programmers who go by the moniker “Luna Classic,” are adamant that the stock has “limitless upside potential.”
A new blockchain called Phoenix was created and the network issued fresh luna (LUNA) coins when the Terra ecosystem collapsed in May 2022. But the outdated blockchain, now known as the “Classic” network, is still operational and has a market value of about $531 million as of Monday, June 26, 2023. The current market price of luna classic (LUNC), the native token of the Terra Classic chain, is about $0.00009140 per unit.
Now, a team of programmers going by the moniker “Six Samurai” wants to resurrect the failing network and breathe fresh life into the Terra Classic blockchain ecosystem. Two programmers named Solid Snake and Bilbo Baggins presented a proposal explaining The Six Samurai’s idea.
The programmers Solid Snake and Bilbo Baggins explain that if the plan is approved, “the entire team will dedicate themselves to performing their duties for the entire quarter, so the community doesn’t have to worry about anyone leaving halfway through it.”
LUNC has increased by 0.6% since the proposal, although this is little compared to the all-time high of $119 per unit reached on April 5, 2022. But since reaching an all-time low of $0.000000999967 on May 13, 2022, just after Terra’s ecosystem collapsed, LUNC has increased by 9,029%.
This is not the first time that developers have talked of reviving the Terra Classic ecosystem. Supporters of Terra Classic debated returning terrausd classic (formerly UST) to parity with the dollar in late April 2023. Though Terrausd Classic (USTC) had a minor gain during the week the concept was considered, the scheme never really came to fruition.
Numerous suggestions to revitalize the chain are included in the Six Samurai plan, including token burns, the installation of a USTC testnet, and the development of a feeshare module. The idea of a token burn involves “burning all the LUNC reminted from Binance customers’ fees to date.” Reviewing the proposal’s comment section reveals that the notion was backed by a number of people.
