The Layer 1 Joint Task Force (L1JTF) has drafted two new proposals for the struggling Terra Classic community. The third quarter proposal shares key dates for developers’ work on the web. Firstly, the v 2.0.1 parity update went live without a hitch, with Cosmwasm v1.1.0 now ensuring parity between Terra Classic and all other Cosmos-powered blockchains.
The Layer-1 Joint Task Force (L1JTF) is a group of blockchain developers who work on upgrading and stabilizing the Luna Classic blockchain, a fork of the Terra blockchain that supports the stablecoin Terra Classic USD (USTC). Recently, the L1JTF proposed a new testnet that includes a market module to fix the issues with USTC, which has been malfunctioning due to network congestion and Oracle attacks.
In addition, the L1JTF members Superman, Till, Xi, Vinh, and Gevik have agreed to implement the Alliance module in the third quarter of this year, which will enable interoperability between Cosmos-based chains that opt-in to use it.
The Proposal Could Lead to a Community Owned Wallet
The L1JTF developers have proposed a new testnet for USTC, the stablecoin of Terra Classic, which has lost its peg to the US dollar. The testnet will include a market module that will use capital controls and safeguards to avoid further devaluation of USTC. The testnet will also be monitored closely before launching on the mainnet.
The L1JTF developers hope that by updating Terra Classic’s blockchain to be compatible with other Cosmos-based chains, they can increase its utility and value. The USTC testnet is expected to be ready for review by September 2023, if the L1JTF developers get approval from the community on CommonWealth.
In proposal #11857, the idea of creating a dedicated L2 team and community wallet in the Terra Classic ecosystem is presented. The idea was proposed by Steve, aka LuncBurnArmy, a prominent member of the Terra Classic community. The new decentralized wallet would be based on an improved version of the Station wallet code, which is one of the most popular Terra Classic wallets.
