A Terra Luna Classic validator, Vegas Morph, has recently unveiled a proposal to repeg USTC to $1. The proposal has sparked bullish sentiment in the community, with LUNC price gaining further upside momentum following a 20% increase last week. However, the current market sentiment has dragged prices lower.
USTC Repeg Proposal
Vegas Morph, a former member of the Terra Rebels developer group, outlined the necessary changes to reactivate the market module and safely repeg USTC to the US dollar. These changes include integrating an oracle module, adjusting the burn amount and fee allocation, introducing virtual liquidity pools with limits, and imposing a hard cap on LUNC and USTC supply.
Community Reaction and LUNC Price
RedlineDrifter, a member of the Quant USTC repeg team, reacted positively to the proposal and encouraged the Terra Luna Classic community to review it.
However, LUNC price has failed to maintain its recent rally, currently trading at $0.00008109. The price is down 8% in the past 24 hours, with a trading volume that has decreased by 46%.
Also Read: Terra Classic (LUNC) Set For 567% Surge – Breakout Signal And 32% Volume Spike
USTC Price
USTC price is also experiencing a decline, trading at $0.01653, down 8% over the last day. Despite the recent pullback, USTC remains up 3% for the week.
The proposal to repeg USTC to $1 has generated excitement within the Terra Luna Classic community. While LUNC price has faced a temporary setback, the positive developments surrounding the project, including token burn, Tax2Gas upgrade, and security updates, continue to fuel bullish sentiment. The success of the USTC repeg plan could significantly impact LUNC’s future price trajectory.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
