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Terra Luna Classic core developer Joint L1 Task Force (L1TF) finally decided to work on the USTC repeg to revive TerraClassicUSD (USTC) price to $1.
As revealed earlier by the developer group, the L1TF team will work with the RedlineDrifter-led USTC repeg team after the v2.1.1 parity upgrade to bring attention to USTC stablecoin.
Terra Classic L1 Team To Work On USTC Repeg
Joint L1 Task Force project manager LuncBurnArmy in a series of tweets on June 20 confirmed that the L1TF will work with the newly formed Quant team. He also expresses support for any tasks that pass governance voting by the Terra Luna Classic community.
After a minor dispute in the development team, RedlineDrifter and LuncBurnArmy had a productive discussion on work related to USTC repeg. The L1TF will remove the ‘reserve architecture/design’, and other USTC items, except the market module that requires intense testing on testnet.
The quant team should seek alternative funding methods for the reserve if CEX does not support the divergence tax proposal. Thus, the architecture/design of the reserve is suggested to be included in the quant team proposal. Whereas, L1TF will be working on testing the market module during Q3.
“This would include the proposed assets for the reserve, how the reserve would be managed, and how it may be possible to automate the defense of the peg using the reserve assets, added LuncBurnArmy. The quant team could spend 60-70% of their time on the divergence tax, but look for ways to fund the reserve that are not dependent on CEXs.
“There has been discussion surrounding information from the exchanges being provided to the community. I did not publicly disclose or authorize what was stated by Binance to be disclosed publicly.”
Also Read: BitMEX Founder Arthur Hayes Reveals When Bitcoin Price Can Start Rally Again
LUNC Price to Recover 50% After Parity
The Terra Classic developer group Joint L1 Task Force successfully completed the biggest v2.1.1 parity upgrade on June 14. It makes the chain attain parity with Terra 2.0 and other Cosmos chains, bringing back utility back to the chain.
The community estimated at least a 40% jump in LUNC price to $0.00014 after the parity upgrade, but market volatility impacted the broader market. However, despite the market volatility, the LUNCprice has not violated the levels of the falling wedge pattern, suggesting that the Terra Luna Classic price is primed for significant growth.
LUNC price currently trades at $0.000088, down 2% in the past 24 hours. The 24-hour low and high are $0.0000883 and $0.0000906, respectively.
Meanwhile, USTC price is trading at $0.011, up 1% in the past 24 hours.
Also Read: EDX Markets Backed By Fidelity, Citadel, Schwab Starts Crypto Exchange Services
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