The team has officially announced a Path to Recovery for Luna Classic

On September 6th, Edward Kim and Alex Forshaw, co-authored a document, named “A Path to Recovery for Luna Classic”.

After we witnessed Terra Luna’s crash back in May nobody really believed in the resurrection of this coin. Some people said it would become a meme coin, others said it may eventually just disappear.

However, last week the “LUNCARMY” started trending on Twitter so we started looking into it. The team has officially announced the roadmap and their plan to recover Luna Classic. 

The BURN:

First, starting from September they will start the burn mechanism described as a 1.2% tax burned on all transactions of LUNC. Taxes can be charged and burned for on-chain activity such as sending between wallets and smart contracts that interact with the chain.

Even though this sounds great, off-chain activity (like trading on CEXs) which is where the majority of the volume of LUNC is taking place, is not included in this tax burn.

Some CEXs (such as MEXC), are impressed by the Luna Classic community and have already started to burn in response to the original proposal. 

Repegging LUNA and UST

Repegging UST to a dollar sometime between 2022-2023 will bring utility back to the stablecoin and burn LUNC at an even faster rate.

By resurrecting — and drastically improving — the decentralized stablecoin, we can turn one of crypto’s biggest defeats into the most stunning turnaround in digital asset history. - Edward Kim

The community

The strongest attractor for utility is our community. In the past thirty days, we have averaged over 8,000 new wallets every day, and a total number of wallets surpassing 5 million. - Edward Kim

The community is a key factor in this project because there are so many people already invested in LUNC or UST and all of them lost during Terra's collapse of over $60 billion in value. So, naturally, everyone wants to get something back. This is what drives people together in trying to fix this situation. 

The LUNC community is one-of-a-kind and united from overcoming trial after trial. We believe that there is a path to recovery, and it could ignite a comeback of biblical proportions, a David and Goliath story that happens once in a millennia. Here, we present a glimpse of that roadmap - one that is so crazy, it might just have a chance. - Edward Kim.

In 2023, the team aims not only to restore the peg, but also to attract new projects and companies to build on Luna’s blockchain. 

We are building on a platform with a failed reputation, trying to fix a problem that we did not create, and restructuring a debt of $10 billion dollars that does not belong to us. - Edward Kim.

LUNC enthusiasts hope to see Luna Classic to 1$ in 2023, some of them think Netflix may create a documentary based on Terra Luna’s story and those who were around for many years call it a SCAM, and think someone is pumping this coin without utility just to make a profit.

We would love to know your opinion on this matter and where you see LUNC in 2023.

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