In this article is possible to view the current achievements made by the development L1 team of Luna Classic Block Chain during the Q2, and also understand about developments planned for Q3 on Luna Classic Blockchain.
If you are an investor in $LUNC , and have part or all of your investment in stake, when the proposal is available for governance voting period, you will be able to cast your vote of approval, notwithstanding the validators to whom you delegated your stake investment, will also do so, only if you disagree with the voting direction of your validator, you should then cast your vote in another direction.
Summary
As of June 14th, during the second quarter of 2023, the Joint L1 Task Force has successfully achieved technological parity between the Luna Classic blockchain and other Cosmos blockchains. The first upgrade, v2.0.1, involved upgrading the Cosmos SDK to version 0.45.13 and Tendermint to version 0.34.24. The implementation of Cosmwasm v1.1.0 ensured that Luna Classic's smart contracts are now fully compatible with other Cosmos blockchains. Additionally, the L1 Task Force has implemented a 5% minimum validator commission, setting all validators to a minimum commission of 5%. With the completion of these challenging tasks, the L1 Task Force is confident in achieving all the deliverables outlined in Proposal 11462 by the end of the second quarter.
Based on the successful progress in the first and second quarters, it is proposed that the L1 Task Force be granted a mandate for Q3 to continue the blockchain's development. During Q3, the L1 Task Force will shift its focus to developing strategies to enhance and expedite the reduction of supply for Luna Classic and USTC. The market module will play a key role in achieving this goal. By implementing appropriate capital controls and safeguards, the L1 team aims to prevent potential "death spirals" and utilize the market module to accelerate the reduction of Luna Classic supply.
In Q2, a USTC test environment will be configured to facilitate the testing of various failsafe mechanisms for the market module in Q3. This test environment will closely approximate the mainnet environment. It will allow for testing the market module and its failsafe/circuit breaker mechanisms using testnet LUNC and USTC tokens.
For Q3, it is proposed to upgrade the Cosmos SDK to allow for additional interoperability with newer optional features being developed in the Cosmos ecosystem. One such feature is the Alliance module, and the L1 team will seek community feedback through a signaling proposal to determine if the community would like to implement the Alliance module in Q3.
The L1 Team will also assist and coordinate with other external teams, such as the 'quant' team throughout the quarter.
The L1 Task Force team members for Q3 will include Superman, Till, Xi, Vinh, and Gevik. They will be managed by LuncBurnArmy.
Primary Benefits anticipated by the End of Q3
Migration from Columbus-5 to Columbus-6 to reduce sync time for Archive nodes, and to improve overall network performance.
Developed and tested failsafe mechanism within market module to prevent future ‘death spiral’ or excessive minting of tokens.
Cosmos SDK upgraded to v46.x or v47.x
Q3 Activities
July/August 2023
Research, develop, and implement an upgrade for Cosmos SDK by conducting thorough testing and proposing the most stable version, either Cosmos SDK 47.x or 46.x.
Explore, devise, and test reliable failsafe mechanisms for the market module in the USTC test environment. This will involve utilizing the Luna Classic blockchain within the dedicated testnet created specifically for this purpose.
Investigate, develop, and test the feasibility of implementing a maximum cap for LUNC supply within the market module in the test environment, ensuring that the defined maximum supply of LUNC cannot be exceeded.
Calculate and test rate of Oracle pool funding based on Market Module operation with capital controls enabled (in testnet).
August/September 2023
Strategize and develop approach for migrating from Columbus-5 to Columbus-6. Execute the migration process to Columbus-6 with the ultimate goal of reducing the blockchain’s database size, which will be more efficient for validators and infrastructure providers.
Evaluate the recommendations regarding CometBFT versus Tendermint and make a final decision by the end of Q2. Implement CometBFT if it is deemed appropriate.
Identify and address any ad-hoc security vulnerabilities and bugs that are discovered, while also overseeing the management of the L1 Bug Bounty program.
Develop intake form and informational documentation for end-users dedicated to the Bug Bounty program.
September/October 2023
Review testing results for the market module. If successful, re-enable swap mechanism, incorporating established capital controls such as maximum supply limits and daily limits. *Dependent on successful testing and a separate governance proposal.
Upon receiving governance approval, proceed with the implementation of the Alliance Module.
Develop and prepare budget and proposals for the fourth quarter.
Provide detailed elaboration on the design concept for the Smart Contract module, specifically focusing on Enterprise Authentication.
The requested budget for Q3 is:
1 full-time developer (Superman) at a rate of $12.5k USD per month
1 part time developer (Xi) at a rate of $6.25K USD per month
1 part time developer (Till) at a rate of $6.25K USD per month
1 part time developer (Vinh) at a rate of $6.25K USD per month
1 part time project manager (LuncBurnArmy) at a rate of $5.0K USD per month
Discretionary budget – L1/L2 Integration and Maintenance (Gevik) – Rate of $70 /hr up to a maximum of 3k / month
OPEX Budget
Monthly OPEX budget of $3k, which averages $1k per developer. This budget amount was ideal for Q1 and Q2, and we would like to maintain this same OPEX amount moving forward. Note: Any unspent OPEX funds will either be rolled into the following quarter, or returned to the community pool should the L1 Task Force not be renewed.
Discretionary computing costs (linodes, AWS, other)
Microsoft 365 subscription for development team
Total Budget Requested
Budget for L1 development will be requested quarterly, and subject to successful deliveries and community governance. For quarter 3, the budget requested is,
$37.20k = $12.5k (Superman) x 3 months
$18.60k = $6.25k (Xi) x 3 months
$9.3k = $3.12k (Fragwuerdig) x 3 months
$18.60k = $6.25k (Vinh) x 3 months
$15.00k = $5.00k (Project Manager) x 3 months
$9k = $3.00k (L1/L2 Integration) Gevik x 3 months (Discretionary Budget, as-needed development basis, paid hourly at a rate of $70 /hr. Any unused budget to be returned to community pool at the end of the quarter)
$9k = $3k OPEX/compute budget per month x 3 months
—–
$116.7k USD Total for quarter 3
1.25B LUNC - LUNC conversion at 0.00009015 *Current as of June 21, 2023. Will be updated when proposal is posted for vote, based on current LUNC market prices.
Distribution of payments will happen monthly at the end of every calendar month given appropriate milestones have been achieved, and approval for the release of funds has been granted by the signers of the multisig. Any surplus budget amounts will be sent back to the community pool at the end of the quarter.
—–
Updated:
Removed the Token Factory module based on community feedback.
Fragwuerdig has requested to work 1/2 the amount of time next quarter due to family commitments. Reduced from $18.6k to $9.3k for the quarter.
Total cost for quarter is $116.7k USD
Added: Calculate and test rate of Oracle pool funding based on Market Module operation with capital controls enabled (in testnet).
Removed: In addition, the L1 task force proposes enabling Token Factory for Luna Classic. The Token Factory will provide users with the ability to generate custom native denoms within the LUNC network, as acknowledged by the Cosmos SDK Bank Module. With this functionality, a protocol can create its own token without the requirement of adhering to the CW20 standard. As a result, all tokens within the LUNC network can be utilized as gas-fee payments, collected as protocol revenue, and distributed among LUNC stakers in a compatible manner.
By: LuncBurnArmy Member of L1 #Lunc Task Force #binancefeed
DOMINIUM
06-23-2023