In a bid to revitalize the Terra Luna Classic (LUNC) ecosystem, core developer teams are taking decisive steps towards the USTC (TerraClassicUSD) repeg. The Joint L1 Task Force and RedlineDrifter-led Quant developer teams have come together, recognizing the importance of reviving USTC’s value and indirectly boosting LUNC’s price to the community’s desired target of $1.
Ex-Terra Rebels member and Quant team contributor, RedlineDrifter, recently addressed the USTC repeg drama and the leaking of confidential information by the Joint L1 Task Force. In a series of tweets on June 23, he clarified the situation and emphasized the developer teams’ commitment to working together. Their primary goal is to persuade crypto exchanges to support the USTC repeg efforts, aligning with the Terra Luna Classic community’s belief that this move will contribute to the ecosystem’s revival.
Developer Teams Rally to Convince Exchanges for USTC Repeg Efforts
Reaching out to major crypto exchanges through the Terra Grants Foundation, founded by professor Edward Kim, and reXx, the developer teams received positive responses to Proposal 11487 titled “USTC Incremental Repeg, Buybacks, Staking, Swaps.” While some centralized exchanges cited technical issues in supporting the proposal, this information was exclusively shared with L1TF project manager LuncBurnArmy due to their involvement in Terra Classic development. RedlineDrifter claims that only reXx, LuncBurnArmy, and himself were privy to this confidential information. However, LuncBurnArmy has denied leaking any sensitive data.
While the Terra Luna Classic community widely supports the USTC repeg as a means to revive the ecosystem, some members have expressed concerns regarding the perceived lack of professionalism and maturity surrounding recent events. Despite these challenges, the L1TF team remains committed to working on the USTC repeg, aiming to enhance and expedite the reduction of LUNC and USTC supply. Their revised Q3 proposal reflects this dedication to the project’s success.
Related: Terra Classic’s Biggest v2.1.1 Parity Upgrade Goes Live, Sparks LUNC Price Rally
Conclusion
As Terra Luna Classic developers unite their efforts and overcome obstacles, the community eagerly awaits the revival of the ecosystem through the USTC repeg. The collaboration between core developer teams and the support from major exchanges will be critical in achieving their shared vision of a thriving Terra Luna Classic ecosystem with a stable USTC value and increased LUNC price.
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