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Terra Classic Community Passes L1TF Q3 Proposal Proposal 11599 “Joint L1 Task Force Q3 Proposal” surpassed the ‘pass threshold’ despite community concerns over depleting funds in the Terra Luna Classic community pool. The Joint L1 Task Force (L1TF)  will receive $116.7k in total to complete proposed tasks during Q3. As per current voting details, the proposal received 56% “Yes,” while 29% voted “Abstain.” Also, some were against the proposal, with 9% “No” and 6% “No with veto” votes. Meanwhile, 26 validators such as Coinpayu, JESUSisLORD, Happy Catty Crypto, DFLunc, and StakeBin supported the proposal. Others cited low community pool funds, recent disputes, and other personal reasons for rejecting the proposal. The community even turned down the proposal to revive the Terra ecosystem by forming the Terra Allies “Six Samurai” team of 6 senior developers due to low funds in the community pool. Othe...

Terra Classic (LUNC) Burn Rate Rises On May 1, Binance burned 1.27 billion LUNC as part of its monthly LUNC burn mechanism. After Binance burn, the total LUNC burn reached 55 billion and burns contributed by Binance reached 31.83 billion LUNC tokens. advertisement The LUNC burn rate continue to rise after the Binance burn, as the community burned new millions of LUNC through the new project DFLunc Protocol as it begins to attract attention. It is a DeFi protocol consisting of multiple smart contracts and aims to deflate LUNC supply through a continuous burn mechanism. DFLunc Protocol is also a validator for Terra Classic that allows users to mint its DFC token only by burning LUNC tokens. It utilizes two smart contracts based on CosmWasm — DFLunc and CW20-DFC. Users burn LUNC by paying USTC as protocol fees to mint DFC tokens. The protocol has divided its plan into different stages that ultimately aimed toward the growth of its validator on the Te...

Given Silicon Valley Bank’s direct involvement in destabilizing USDC prices, CZ blamed banks for increasing the risks of stablecoins. The death spiral of the Terra (LUNA) and TerraUSD (UST) ecosystem served as a catalyst to the 2022 bear market — causing losses in the millions, damaging investor sentiment and intensifying the regulatory spotlight over cryptocurrencies. However, the recent depegging of Circle’s USD Coin (USDC) led Binance CEO Changpeng ‘CZ’ Zhao to believe that traditional banks are a risk to stable coins that are usually pegged 1:1 with fiat currencies, like the US dollar. On March 11, Circle disclosed that Silicon Valley Bank (SVB) did not process its $3.3 billion withdrawal request. The crypto market responded to the revelation by selling off their USDC holdings, causing the US dollar-backed stablecoin to lose its peg. Given SVB’s direct involvement in destabilizing USDC prices, CZ blamed banks for increasing the risks of stablecoins. Banks are a risk to fiat-back...