Chapter 1: The Reality Check for Luna Classic

The landscape for Luna Classic is undergoing significant changes; it's time to take responsibility for our advancement!

Initially, there was widespread optimism, myself included, that the implementation of the 1.2% tax/burn proposal would trigger a surge in burning Luna Classic tokens. However, we soon faced the stark reality that business dynamics are far more complex than we anticipated.

Despite reducing the tax to 0.20% as proposed in Proposal 5234, no centralized exchange has adopted this new tax/burn fee for their spot trading accounts. This was underscored by CZ's refusal to incorporate the trading fee, opting instead to donate from his own revenues rather than support the tax/burn initiative. His stance reflects a clear message: a spot tax/burn fee isn't a viable business model.

Moreover, it appears that even the dedicated Lunatics are reluctant to engage with their own platform due to the elevated fees.

Wake-up call for Lunatics!

Every business is eyeing the Luna Classic platform as a potential revenue generator, and we must be candid about our intentions as well. Not everyone is inclined to burn their tokens solely for the purpose of boosting Luna Classic's price.

To ensure the success of Luna Classic, we must ground our expectations in creating enduring economic value for the ecosystem, rather than relying on third-party token-burning initiatives (like those from exchanges). If we fail to do this, the platform risks stagnation and potential collapse.

Thus, the burning initiative has reached a point of no return. I do not foresee any exchange integrating the new 0.20% tax/burn rate off-chain. Let's look ahead!

Chapter 2: Prioritizing Community Funding

Contained in the 5234 Proposal, introduced by lead developer Edward Kim from Terra Rebels, is a community fund aimed at hiring and attracting new developers to the Luna Classic platform.

In my opinion, before we allocate any funds to recruit new developers, we must prioritize investing in our existing team to ensure that Luna Classic becomes the premier ecosystem for future development.

Just like the initial tax/burn proposal, developers won’t be drawn to the Luna Classic platform merely because of a $100K grant. They will join if the ecosystem has a robust team and provides a top-notch technological environment to launch their innovations. Ultimately, success hinges on people, technology, and community!

We are fortunate to have a skilled team and an engaged global community. What we need is to compensate our developers and assist them in transforming the Luna Classic ecosystem into the leading platform for business and decentralized application (dApp) incubation—not just throw money at every vetted proposal that emerges.

We are still in recovery mode after the collapse of the entire blockchain. The platform saw a revival on August 26th, thanks to the generosity of the Terra Rebels Team, who continue to work on a voluntary basis. This situation cannot persist!

If we cannot sustain our own development team, they will inevitably leave for more stable opportunities. Therefore, before seeking to attract new developers to the platform, we must first rebuild the Luna Classic platform, starting with compensating our current staff and bringing in additional engineers to strengthen the system.

Final Thoughts

Every successful ecosystem is constructed from the inside out. If we do not invest in our own infrastructure and fortify our platform, we cannot hope to attract and retain any new additions to our ecosystem.

A blockchain designed for profit cannot function indefinitely with volunteers. It needs to compensate its staff, especially its engineers.

Now is the moment to ensure that the Terra Rebels team receives salaries and propel the platform forward on a non-volunteer basis. If the Lunatic community does not embrace this change, resentment will inevitably fester within the team and threaten the entire system.

There is no justification for others to profit from Luna Classic while the dedicated staff continues to volunteer! This imbalance poses a significant risk to the sustainability of the Luna Classic ecosystem if it is not addressed immediately!

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Disclosure:

In adherence to financial disclosure standards, I must clarify that I am not a licensed investment advisor. This article is meant for informational purposes only. Additionally, I hold Luna tokens, including those acquired before and after the UST/USD depeg.

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