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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. and 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.


Terra Luna Classic’s Evolving Journey: Aiming to Anchor USTC at $1



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In the ever-shifting realm of digital currency, Terra Luna Classic takes another notable step. The community has given the green light to halt all processes involving creating and recreating their stablecoin, USTC. Their primary goal? Re-establish USTC’s parity with the dollar and reinvigorate LUNC, Terra Luna Classic’s foundational cryptocurrency. This decision not only bolsters USTC’s standing but also paves the way for big players like the crypto trading platform, Binance, to consider USTC disposal.

Proposal 11784, known as the “Halt USTC Production & Recreation,” caught the eyes and ears of many. A significant 55% endorsed the move, 38% declined, with the remainder opting for a neutral stance. Reaching this agreement wasn’t simple, especially given the myriad of voices involved. Bypassing the minimum approval mark, the community’s backing for this trajectory became evident.

Digging into the vote dynamics, it’s clear where allegiances lay. Out of 35 decision-makers, prominent entities like HappyCattyCrypto, DFLunc, 1maxfee, JESUSisLORD, StakeBin, and Lunanauts were supportive. Yet, it’s crucial to highlight that Allnodes, a dominant figure, didn’t share this enthusiasm. Although participation wasn’t at its peak, a dominant consensus emerged. With the proposal’s acceptance, platforms like Binance now can contemplate USTC disposal, as its creation processes cease. Another proposition even nudges Binance to dispose of a 50-50 split of USTC and LUNC.

However, despite these audacious moves, market indicators for both Terra Luna Classic and USTC signal turbulence. Amidst vital community updates, both digital assets witnessed downtrends. LUNC saw a modest 1% rise recently, settling at a value of $0.000057. Its 24-hour range fluctuated slightly from $0.0000566 to $0.0000582. Conversely, USTC’s performance dipped, declining 1% to a present value of $0.012. Furthermore, trade activities for USTC diminished by 36% within a day.

Whispers within the community suggest reservations about the efficacy of Terra Luna Classic’s development squad. Some speculate that they might not be adequately steering the platform, the communal treasury, or key updates.

The digital currency landscape is notoriously inconsistent, with shifts spurred by choices, market vibes, and tech developments. As Terra Luna Classic forges ahead with its initiatives, it’s uncertain how the landscape will adjust, particularly in relation to USTC’s valuation and ecosystem vitality.

Nevertheless, the essence of communal consensus can’t be overlooked. Terra Luna Classic, despite hurdles, showcases its dedication to stability and value with its USTC decision. As the crypto world morphs, the strategies of Terra Luna Classic will be under the lens of investors and aficionados. The future holds the answer to whether their endeavours align with the unpredictable ebb and flow of the crypto cosmos.

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