Terra Classic (LUNC) is predictably going through hard times for the token price, at times noting a modest price spike caused by the activity of developers.

On July 10, the main development team of Terra Classic Joint L1 Task Force presented a status update for the second quarter of 2023.

In particular, it is planned to shift the focus to reducing the circulating supply of LUNC and the TerraClassic stablecoin (USTC) by restoring the burning of LUNC by validators. A reduction in supply can increase the price of a crypto asset, of course, if there is demand.

Earlier, the LUNC community expressed concern that in recent months the main validators have disappeared from view. One of them, Class Crypto, announced plans to burn 100% of the Class’s Crypto Sphere commission by the end of 2023 in order to return the history of burning LUNC to the validators.