Terra Luna Classic Proposal To Revive USTC And LUNC To $1
The Terra Luna Classic currently votes on a proposal by a developer to test market swap with a limiter by the L1 Terra Classic Task Force (L1TF) core development team. LUNC and USTC market swap function was disabled after the 2022 Terra-LUNA crisis and can help repeg USTC and revive LUNC price to $1. L1TF rejected the limiter function by the Quant USTC repeg team.
Terra Luna Classic Community Votes On Key Proposal
Proposal 11767 “Test market swap with mint limiter” is up for voting. It aims to make L1TF test using the limiter in the market swap only, which will successfully reopen the LUNC and USTC market swap.
Terra Luna Classic community 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.
The developer created the code and tested it in a test environment created by the L1TF developer team. He believes that enabling the market swap through this method is expected to significantly increase LUNC burn rate. It will also help increase utility by creating pairs in Terraswap or Astroport.
“Personally, I believe that with market swap we burn billions of tokens a day. By voting yes for the test merge the entire community has an opportunity to bring our ecosystem to life.”
Until now, the proposal has received 97% “Yes” votes, as well as 1% “Abstain”, and some “No” and “No with veto” votes. Among 9 validators who voted, four including JESUSisLORD and Coinpayu favor the proposal. While the community looks to approve the proposal, top validators are yet to vote on the proposal.
Read More: Massive Jump In LUNC And LUNA Trading Volumes Ahead Terra Classic Core Upgrade
LUNC price gave up earlier gains and currently trades at $0.000060, down nearly 7% in a week. The 24-hour low and high are $0.0000601 and $0.0000612, respectively.
Meanwhile, USTC price trades at $0.011, falling below support in the last 24 hours. Moreover, the trading volume has decreased by 40% in the past 24 hours, indicating a lack of interest from traders.
Also Read:
- Binance Removes More Cardano (ADA) And Polygon (MATIC) Pairs
- Judge Faruqui Approves Joint Stipulation Filed By BinanceUS And US SEC
- Court Filing Hints At Contents Of US SEC’s Secret Filing In Binance Lawsuit
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
