Early LUNC Developer Says The Protocol Is “Rigged By A Single Actor” – Crypto News – Crypto News
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Early LUNC Developer Says The Protocol Is “Rigged By A Single Actor” – Crypto News

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3 years ago

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One of the early Terra Classic (LUNC) developers, Tobias Andersen, made a bold claim that might explain why the protocol is seeing a limited pace of growth.

The Alleged LUNC Sabotage

According to Tobias, LUNC’s potential to grow back to a price of $1 is unlikely compared to the likelihood of the token touching 0. He made this claim based on his belief that a single actor is sabotaging the protocol. He also alleged that this actor has support from some industry juggernauts including Binance and KuCoin.

Tobias’ sentiment is hinged on the fact that LUNC has a limited tendency to grow regardless of the efforts being put in. While he is no longer an active contributor to the protocol, he believes at this point, creating an entirely new chain is a better bet for the community.

Terra Classic, prior to its rebranding, was one of the most solid projects in the broader Web3.0 ecosystem and was under the administration of Terraform Labs, despite its claims of being a Decentralized Autonomous Organization (DAO).

The implosion of TerraUSD Classic (USTC) last year led to Terra losing more than 99% of its value, a huge crash that impacted almost every aspect of the digital currency ecosystem. In a bid to return value to stakeholders, a new chain was forked while independent developers in the community chose to maintain the old chain which is now Terra Classic.

Many community members believed that Tobias’ stance is because he is an aggrieved developer after leaving the project as many still keep faith that LUNC can be restored.

Ambitious LUNC Restoration Plans

Over the course of the past year, the Terra Classic ecosystem has recorded a number of innovative campaigns targeted at boosting its overall outlook. Two of the most profound approaches employed are a consistent burn program to remove the excess LUNC tokens in circulation as well as a defined push for utility.

The Binance platform Tobias accused of helping to sabotage LUNC has been a very big partner in the burning campaign owing to the fact that it holds a big reserve oftoken. As a part of the quest for a utility boost, a series of LUNC products and services are being envisaged per earlier reports,

Benjamin Godfrey is a blockchain enthusiast and journalist who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, LinkedIn

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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