Terra Luna Classic Requisite Market Swap Reopening For LUNC And USTC To $1
The Terra Luna Classic community considering reopening of LUNC and USTC market swap function, which was disabled after the 2022 Terra-LUNA crisis. The L1 core developer team decided to not create a limiter as per the USTC repeg team’s proposal due to the impact on rewards, delegates, validators, and the community pool. However, a community member has proposed an easy fix by using the limiter in the market swap only.
Terra Luna Classic To USTC Market Swap Importance
Terra Luna Classic community member Igor Veras has come up with a proposal to reopen the LUNC and USTC market swap. Enabling the market swap function will significantly reduce LUNC and USTC supply and help the community meet its vision of USTC repeg to $1 and Terra Luna Classic (LUNC) revival to $1.
L1TF developer Vinh Nguyen earlier stated that the team will no longer focus on the “limiter” function as it will impact rewards, delegates, validators, and the community pool. However, Veras proposed a simple fix to this issue.
“I believe it is simple to solve, just use the limiter only in the market swap and release the mint without a limiter for the validators, delegate, and community pool.”
He has created the code and tested it test environment created by the L1TF developer team. Enabling the market swap through this method is expected to significantly increase LUNC burns. It will also help increase utility by creating pairs in Terraswap or Astroport.
Read More: Terra Luna Classic Revotes On Crucial Proposal By USTC Repeg Team
LUNC Prices Falling Amid Low Burn Rate
LUNC burn rate has fallen since July despite Binance’s LUNC burn mechanism. Terra Luna Classic updates and parity failed to bring upside momentum and prices fell below multiple support levels.
LUNC price gave up earlier gains and currently trades at $0.000061, down nearly 5% in a week. The 24-hour low and high are $0.0000611 and $0.0000636, respectively.
Meanwhile, USTC price trades at $0.012, falling below support in the last 24 hours. However, the trading volume has increased by 30% in the past 24 hours.
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