\n
![](\"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=840\/https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/05ba54c4-3998-45bb-8ef1-9d503279ae41.jpg\")
<\/p>\n
\n<\/p>\n
After a joint governance proposal on liquid staking derivatives<\/a> in Terra Classic (LUNC), a new proposal emerged for the next quarter suggesting the formation of a dedicated team consisting of six senior full-stack engineers.<\/p>\n The Terra Allies senior full stack engineering team \u2014 known as the \u201cSix Samurai\u201d \u2014 has presented<\/a> their Q3 spend proposal, emphasizing their deep passion as LUNC holders. With a firm commitment to achieving \u201ca true revival of the ecosystem,\u201d the team pledges to dedicate their efforts and expertise toward this goal.<\/p>\n Terra was originally an ecosystem with several moving parts. However, its TerraUSD (UST) stablecoin and LUNA asset faced catastrophe in 2022, causing vast changes to the project. Terra now has a new blockchain called Terra 2.0 with a new asset that is also called LUNA but referred to by most as Terra (LUNA2<\/a>).<\/p>\n In May 2022, the genesis block of the new chain was launched to conduct future transactions\u00a0and the original Terra chain was rebranded as Terra Classic.<\/p>\n Presenting a detailed plan for the third quarter of 2023, the team proposes a budget of $116,000. The roadmap entails crucial milestones such as migrating from Columbus-5 to Columbus-6 and upgrading to the latest Cosmos SDK. <\/p>\n Additionally, their roadmap includes pursuing the listing of Terra Classic on Keplr\u2019s web interface, a web tool for analytic visualizations, and Mintscan, a Cosmos block explorer catering to crypto exchanges and customers. <\/p>\n Related: <\/em><\/strong>SEC argues against Dentons\u2019 motion to dismiss Terraform and Do Kwon\u2019s lawsuit<\/em><\/strong><\/a><\/p>\n In their proposal, the team expressed readiness to undertake the necessary efforts to achieve a genuine ecosystem revival. They also emphasized their willingness to collaborate and coordinate with other teams that secure a mandate to develop LUNC. As a result, the LUNC community has shown a positive response thus far, leaning toward voting in favor of the proposal.<\/p>\n As per CoinMarketCap data, LUNC has dipped<\/a>\u00a01.65% in the past 24 hours. It currently holds the 75th position and possesses a live market capitalization of $537,523,209. The circulating supply of LUNC coins is 5,822,833,985,154, with the maximum supply not specified.<\/p>\n Magazine: <\/em><\/strong>\u2018Terra hit us incredibly hard\u2019: Sunny Aggarwal of Osmosis Labs<\/em><\/strong><\/a><\/p>\n<\/div>\n