Following on from last year’s collapse of TerraLuna and its network under the lead of now-arrested Founder Do Kwon, a group of six engineers have confirmed their proposals of relaunching the cryptocurrency.
Known as the ‘Six Samurai’, the engineers are attempting to revive TerraLuna and continue the TerraClassic blockchain network, which has remained in its original format under the name where it still hosts the LUNC token.
A $116,000 proposal from two of the Six Samurai members, under the alias’ ‘Bilbo Baggins’ and ‘Solid Snake’, has been pledged over a three month quarter if it were to be approved by a governing body.
A Six Samurai statement read: “We’ve assembled this team from experienced industry veterans, with the aim of bringing value to the Terra Classic blockchain so that we can help push this chain where it deserves to go.
“The team is lean, experienced, and agile. We’re all passionate LUNC holders and community members committed to reviving and decentralising the blockchain, as we believe that’s where the true reward is for everyone.
“If this proposal passes the whole team will dedicate themselves to performing their duties for the entire quarter, so the community doesn’t have to worry about anyone leaving part way through it.”
In order to complete a “true revival” of the Terra network, Six Samurai has revealed multiple objectives they aim to accomplish for this to be realised.
Among other objectives, the group has stated they aim to create multiple subpools based around their needs and fit, such as USTC for testing financial services and L1 subpools.
Six Samurai also announced that it would “burn all LUNC reminted from Binance customers’ fees to date”, but noted that this is not encouraging any minting of LUNC tokens or to negatively impact any Binance token burning.
The collapse of TerraLuna and TerraUSD in May 2022 sent shockwaves across the crypto market and set about a year of decline for the crypto sector it is still reeling from today.
Founder Do Kwon fled his native home of South Korea following collapse on the run from prosecution, but was ultimately found and detained in Montenegro and has since been extradited back to South Korea.
