Terra Luna Classic Reveals USTC Repeg Plan, Will LUNC Price Rally Again?
Highlights
- Terra Luna Classic validator Vegas Morph unveiled proposal to repeg USTC to $1.
- The Terra Luna Classic community are now working on LUNC updates, along with USTC repeg.
- LUNC and USTC prices loses upside momentum.
Terra Luna Classic popular member and validator Vegas Morph has unveiled a proposal to repeg USTC to $1. This sparked bullish sentiment in the community, with LUNC price gaining further upside momentum after rising 20% last week. However, the current market sentiment has dragged prices lower.
Moreover, the community is also bullish due to developments such as token burn by Terraform Labs, the Tax2Gas upgrade, and security updates. The security upgrade is approved by the community through governance voting.
Popular Terra Luna Classic Validator Proposes USTC Repeg Plan
Vegas Morph, a former Terra Rebels developer group member, has suggested a plan for USTC repeg after recent efforts failed to advance and benefit the Terra Luna Classic community.
In a recent post on Medium, the validator explained the following changes required to safely reactivate the market module. He asserts it will help repeg USTC to the US dollar.
The developer working on repeg needs to integrate an oracle module that provides real-time price feeds for USTC. The burn amount must be set to 20% of the fee, allocate 20% for Oracle Pool, and designate the remaining 60% to a pool to maintain the peg.
In addition, the virtual liquidity pool size should come with limits and introduce multiple pools with conditional activation steps. Developers must impose a hard cap on LUNC and USTC supply, which will address unwanted minting of tokens. Also, there needs to be a kill switch for the module.
RedlineDrifter, member of Quant USTC repeg team, reacted positively to the efforts and asked the Terra Luna Classic community to review it.
Ammm rather than me constantly being the one blasting these proposals, why doesn't the community try objectively review this one.
We as a community need to start thinking less about the burn tax and more about what drove LUNA to its rapid heights. That's how we will succeed.…
— RedlineDrifter (@RedlineDrifter) September 12, 2024
LUNC Price Fails To Maintain Rally
Terra Luna Classic price lost most of last week’s gains. The price currently trades at $0.00008109, with a 24-hour low and high of $0.00008104 and $0.00008832, respectively. The LUNC trading volume has also decreased by 46% in the last 24 hours. The next resistance is near the $0.00009 level.
Meanwhile, USTC price is trading at $0.01653, down 8% over the last day. The 24-hour low and high are $0.01652 and $0.018, respectively. The price is still up 3% in a week.
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