- Terra Luna Classic validator Vegas Morph proposed a plan to repeg USTC to $1, sparking community optimism despite recent price declines for LUNC and USTC.
- The community is hopeful due to ongoing developments like token burns, security updates, and the Tax2Gas upgrade.
Terra Luna Classic validator Vegas Morph recently unveiled a proposal to repeg USTC to $1, sparking excitement within the community. The announcement came as LUNC’s price had shown a 20% increase the previous week. Despite the initial bullish momentum, current market sentiment has led to a decrease in both LUNC and USTC prices.
Community Developments Fuel Optimism
The Terra Luna Classic community remains optimistic due to several ongoing developments, including token burns by Terraform Labs, the Tax2Gas upgrade, and crucial security updates. These security upgrades have received approval through community governance voting, further solidifying confidence in the project’s future.
Popular Terra Luna Classic Validator Proposes USTC Repeg Plan
Vegas Morph, a former member of the Terra Rebels developer group, suggested a comprehensive plan for the USTC repeg. In a recent Medium post, he outlined necessary changes to reactivate the market module and aid in repegging USTC to the US dollar.
Key Aspects of the Proposal
The proposal includes integrating an oracle module for real-time USTC price feeds. It suggests setting the burn amount to 20% of the fee, allocating another 20% to the Oracle Pool, and designating the remaining 60% to maintain the peg. Additionally, it recommends introducing multiple virtual liquidity pools with conditional activation steps and imposing a hard cap on LUNC and USTC supply to prevent unwanted token minting. A kill switch for the module is also proposed to ensure stability.
RedlineDrifter, a member of the Quant USTC repeg team, responded positively to these efforts and urged the Terra Luna Classic community to review the proposal.
LUNC Price Fails to Maintain Rally
After last week’s gains, Terra Luna Classic’s price has struggled to sustain its rally. Currently, LUNC is trading at $0.00008109, with a 24-hour low of $0.00008104 and a high of $0.00008832. Trading volume has dropped by 46% over the past 24 hours, with the next resistance level near $0.00009.
Similarly, USTC’s price has also declined, trading at $0.01653, down 8% in the last day. Its 24-hour low and high are $0.01652 and $0.018, respectively, though the price remains up 3% for the week.
The Terra Luna Classic community’s efforts to repeg USTC to $1 and implement various updates demonstrate a commitment to reviving the ecosystem. While current market conditions have dampened price momentum, the proposed changes and ongoing developments could pave the way for future gains. Investors and community members will be closely watching these initiatives’ impact on LUNC and USTC prices in the coming months.
