A tweet from the independent development team TerraCVita today provided an update on the progress of the creation of a decentralised exchange on the Terra Classic network.
“Dex is on track, along with all the other great projects,” the group tweeted as part of a meeting update. “Presale due in the next couple of weeks.”
Notably, statements from the TerraCVita show that the developers are optimistic that the DEX will significantly increase the burning of surplus Terra Luna Classic supply.
“You wanted a LUNC burner, @TerraCVita built a furnace,” Rex Harrison, AKA Rexzy, of TerraCVita tweeted.
It is important to note that the community has come together intending to reduce the 6.9 trillion supply to 10 billion after the Terra ecosystem collapsed and an excessive number of LUNC tokens were minted. According to TerRarity data, the community has burned around 27.8 billion LUNC through several burn initiatives with the assistance of various groups and exchanges, including Binance.
According to fxcryptonews, Harrison originally alluded to creating a Terra Classic DEX three weeks ago. It was in reaction to a community survey that revealed the majority of LUNC owners wanted a DEX on the network.
The news comes a few days after fxcryptonews announced the establishment of a brand-new NFT marketplace on the network. A notable sign that the chain is once again available for business is the rise in the number of projects being built on it.
It is important to note that before the DEX begins, community members might need to wait until after a particular Inter Blockchain Communication channel has been reopened. However, as the proposer, @tiilentekija, AKA fragwuerdig, noted in a tweet
yesterday, the IBC proposal that TerraCVita is proposing already passed the voting stage.
TerrFxcryptonews stated that certain community members had reservations over the IBC proposal’s phrasing.