USTC Repeg Proposal Approved By Terra Classic Community, Price Jumps 60%

LUNC News: Terra Classic (LUNC) and TerraClassicUSD (USTC) are witnessing a massive price surge after warning labels from Binance were removed from the crypto exchange. Another reason for the price rally is a positive result of the USTC repeg proposal.

USTC Repeg Proposal Gets Support of the Terra Community

Proposal 11324 “Ziggy: Re-Peg UST (Signal)” by core developer Duncan has hit the “pass threshold” with 76.40% votes from the Terra Classic community.

The proposal aims to upgrade to the TerraClassicUSD (USTC) coin algorithm using a code addition, Exchange Rate Modifier (ERM) to repeg USTC. It includes the development of the ERM; obtaining consensus from developers, CEXs, and other blockchain markets; and testing, modifying, and iterating on the process.

Among the validators, 37 approved the proposal, while 5 voted “No” and 12 voted “Abstain”. Several top validators such as Allnodes, Orion, StakeBin, BTC.Secure, and Classy’s Sphere favored the proposal.

Meanwhile, Terra Classic core developer Edward Kim’s Proposal 11310 to upgrade blockchain to v1.0.5 was passed recently by the community. The Joint L1 Task Force has released the Terra Classic v1.0.5 update and nodes can upgrade it before reaching block height 11,543,150, estimated on Feb 14.

LUNC and USTC Prices Start Bull Run

TerraClassicUSD (USTC), Terra’s stablecoin is finally seeing some bright clouds. At the time of writing, USTC has soared over 70% as it is currently trading around $0.041, with a 24-hour trading volume of $189,745,628.

The algorithmic stablecoin caught a bullish trend right after Binance, one of the most popular cryptocurrency exchanges deleted the warning messages on USTC and LUNC.

Whereas Terra Classic (LUNC), the original chain of the collapsed Terra ecosystem, has experienced solid growth as it is currently trading at $0.0002027, a gain of 17.85% compared to the previous day. It is currently holding the 43rd position on the CMC ranking with a live market capitalization of $1,209,790,645.

Hence, these two cryptocurrencies are worth keeping an eye on.

Also Read: Terra Classic Project Burns 16 Million LUNC Tokens, Becomes Top Burner

Note: The information in this article is solely the author’s opinion and not investment advice.