USTC Price Pumps 9%, Terra Classic Proposal For USTC Repeg To $1 Effective?
Highlights
- Terra Classic proposal aims a community-driven mechanism to restore and preserve the stability of the USTC peg.
- The proposal depends upon stakers to lock a specific amount of USTC and maintain the peg to $1.
- USTC price jumped 9% on 70% jump in futures open interest.
TerraClassicUSD (USTC) price has jumped 9% over the last 24 hours, backed by a strong trading volume increase of over 800%. USTC is currently ranked 67 in terms of trading volume, surprising the crypto community due to the sudden boost. Are plans for USTC revival to $1 in effect?
Terra Luna Classic Proposal For USTC Repeg
Proposal 12102 “The Ultimate Repeg Plan – A Community-Driven Repegging Proposal” is under voting stage on Terra Classic Station wallet. The proposal’s aim is to establish a resilient and community-driven mechanism focused on incrementally restoring and preserving the stability of the USTC peg.
The proposal is based on three mechanism. These are — stakers need to lock a specific amount of USTC along their LUNC delegations to fully earn their staking rewards and stakers must lock additional USTC when the price of USTC falls for full staking rewards. Also, after the repeg, stakers are not required to maintain the additional USTC balance to earn rewards and allow them to sell extra USTC at a profit.
The proposal hasn’t received much voting from the community, with 18% “Yes” votes. It saw high number of “No” votes at 78.45%. Validators such as Interstellar Lounge, JESUSisLORD, Community First LUNC and others have voted against the proposal, believing that the proposal holds no value. Whereas, LBUN Project, StakeBin, and other think the narrative can help repeg USTC.
Also Read: Ripple Vs SEC News: Settlement, Appeal, & Judge Torres’ Final Ruling Timeline
LUNC Price Follow Similar Rally?
Analyst Javon Marks reaffirmed a more than 5 times rally possible in LUNC. It could take the price to $0.000593, which is post-Terra Classic high.
LUNC price jumped 1% in a day amid market-wide buying. The price is currently trading at $0.0001091. The 24-hour high and low are $0.0001084 and $0.0001221, respectively. Moreover, trading volume has increased by 370% in the last 24 hours.
The massive increase in trading volume in USTC and LUNC are due to buying by futures traders. Total USTC futures open interest skyrocketed 70% in the last 24 hours.
Also Read: Bitcoin, ETH, XRP, SHIB Price To Rally After Israel-Hamas Ceasefire Declaration
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