LUNC News: Terra Classic Dev Teams Proceeds For USTC Repeg To Revive Price To $1

LUNC News: Terra Luna Classic core developer teams set things straight to move forward with Terra Classic ecosystem revival. The Joint L1 Task Force and RedlinerDrifter-led Quant developer teams have decided to proceed with TerraClassicUSD (USTC) repeg to revive USTC to $1, which will indirectly help boost LUNC price to the community’s target of $1.

Terra Luna Classic Developers Prepare for USTC Repeg

Ex-Terra Rebels and Quant team member RedlineDrifter took to Twitter on June 23 clarifying the drama related to USTC repeg and Joint L1 Task Force leaking confidential information.

The developer teams will again work in coordination to convince crypto exchanges about USTC repeg efforts. The developers align with the Terra Luna Classic community that USTC repeg will help in ecosystem revival for LUNC.

He revealed that the team reached out to major crypto exchanges via professor Edward Kim-founded Terra Grants Foundation and reXx. In fact, most exchanges reacted positively to Proposal 11487 “USTC Incremental Repeg, Buybacks, Staking, Swaps.”

The centralized exchanges’ mentioning technical issues to support the proposal were shared with L1TF project manager LuncBurnArmy due to involvement in Terra Classic development. RedlineDrifter claims only reXx, LuncBurnArmy, and he knew about the information. However, LuncBurnArmy has denied leaking confidential information.

“We were still in talks and they’ve made it clear that they have not closed the door on the proposal. Regretfully, LBA decided to circumvent the usual lines of communication, and he leaked confidential information.”

While the community agrees with USTC repeg to revive the Terra Luna Classic ecosystem, some members pointed out “a lack of professionalism and maturity.” Meanwhile, L1TF agrees to work on USTC repeg to enhance and expedite LUNC and USTC supply reduction, revealing in their revised Q3 proposal.

Also Read: Terra Luna Classic Supports L1TF On L2 Team For Community-Owned Wallet; Terra Rebels Returns

LUNC Price Moving Sideways Despite Major News

Terra Classic continues to move sideways after the v2.1.1 parity upgrade, failing upside momentum over the $0.00010 level. Also, news of LUNC community expecting a rebound to $0.00014 until June 30 failed to spark a rise.

LUNC price jumps 1% in the last 24 hours, with the price currently trading at $0.00092. The 24-hour low and high are $0.000894 and $0.000928, respectively. Meanwhile, USTC price trades at $0.012.

Also Read: BinanceUS Restores USD Withdrawals And Announces Major Changes; USDT Depegs