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Terra Classic Passes Crucial Proposal To Revive LUNC, USTC Price To $1 After Parity Upgrade

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Terra Classic (LUNC) core developer team Joint L1 Task Force (L1TF) is set to work on a plan to bring TerraClassicUSD (USTC) to $1 after the v2.1.0 parity upgrade is approved by the Terra Classic community. After the completion of the CosmWasm parity upgrade on June 14, the L1TF will allocate a fraction of its budget to set up a USTC test environment. 

The Terra Classic community has unanimously passed Proposal 11548 “USTC Test Environment” on June 7. The proposal, which seeks to create a test environment to evaluate conditions necessary for a successful USTC re-peg event, received overwhelming support with 90% votes in favour, while 10% voted to abstain. There were almost no “No” and “No with veto” votes, underscoring the community’s recognition of the importance of the USTC re-peg to revive LUNC and restore the utility of the Terra Classic blockchain.

The proposal was submitted a week ago by LuncBurnArmy (LBA), the L1 Team’s Project Manager, shortly after the release of the Agora text. 49 validators voted on the proposal, with an impressive 40 picking “Yes,” while the remaining nine abstained. Notably, no validator voted “No.” Major validators such as Allnodes and Orion showed support for the idea.

The test environment is to be developed using a small portion of the Q2 budget. This environment can be used by the L1 Team and other interested parties to evaluate USTC re-peg events.

One of the USTC re-peg ideas to be tested in the environment is the tax divergence protocol introduced by LUNC community member Redline Drifter. Redline Drifter noted that he is working with the team and the Terra Grant Foundation to address concerns from exchanges.

According to LBA, the L1 Team plans to focus primarily on USTC re-peg work for the year’s third quarter, which will depend on community consensus. The team aims to form a USTC working team and release a definite USTC re-peg roadmap in Q3.

In addition to the progress on the USTC re-peg, the prices of LUNC and USTC have seen significant jumps. The price of LUNC skyrocketed 44% today and over 110% over the past seven days, while USTC gained over 140% today and over 780% in the past seven days. The current trading price of LUNC is $0.0001, and USTC is trading at $0.01426.

One of the main contributors to the sudden rise of LUNC price and consequently that of the USTC stablecoin is the recent announcement by a metaverse venture called StarShip that it will incorporate LUNC into its ecosystem. StarShip will also burn 1.2% of the total amount of LUNC that it will receive as payment.

Despite the promising developments, the search for information on the implications of the parity upgrade in the Ethereum ecosystem was unsuccessful due to technical issues. Further investigation in this area would provide a more complete understanding of the situation.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CoinReporter.io and EUReporter.co does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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