The bankruptcy of US-based TerraForm Labs caused LUNC to plummet just as Terra Classic members were voting on an important L1JTF upgrade proposal. Several skeptics have questioned the proposal's 11-week timeline.

The Terra Classic community is actively working to restore the battle-damaged Layer-1 blockchain and has made great progress. A critical core security update package is about to be implemented on the network, modernizing key components from the original Terra Luna chain.

As stated in the description of Community Pool Spend Proposal #12008, “a lack of new features arising from legacy components” is the reason why Layer-1 blockchains cannot implement their revitalization plans. The security update package is also designed to address security issues such as an increase in phishing attempts.

The Layer-1 Joint Task Force (L1JTF) team is asking the Terra Classic community to donate $51,000 in two installments in order to implement these security changes. If L1JTF's veteran developer Vinh Nguyen's plan goes through, the development team will have only 11 weeks to complete these changes.

Leading validators agree on L1JTF’s improvement plan

The latest community budget proposal includes input from well-known Terra Classic chain developers and validators. For on-chain development work, Christopher Harris (X: JESUSisLORD) proposed a scheme similar to a pay-per-job freelance system; recommendation#12008is consistent with this approach.

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