Terra Classic’s core developer team, Joint L1 Task Force (L1TF), has revealed their intentions to work on the TerraClassicUSD (USTC) repeg to $1 once they complete the CosmWasm v1.1.0 parity upgrade. Collaborating with the USTC repeg team, L1TF aims to establish a USTC test environment focusing on constructing the necessary infrastructure to successfully repeg USTC to $1.
On May 23, Joint L1 Task Force project manager LuncBurnArmy submitted a proposal requesting authorization from the Terra Classic community to embark on the USTC repeg project. Notably, LITF plans to work alongside the USTC repeg team after wrapping up the CosmWasm v1.1.0 upgrade and instituting the 5% minimum commission for validators. The L1TF’s Q2 budget will be utilized to set up the USTC test environment. RedlineDrifter, who spearheads the USTC repeg endeavor, previously expressed apprehensions about adequate infrastructure support raised by some cryptocurrency exchanges. Efforts are being taken to collaborate with the L1 team and TGF to address the concerns of those exchanges and provide a list of solutions.
Per the proposal, the team will focus on identifying the capital controls that could have thwarted the “death spiral” following the USTC depeg. Interestingly, the USTC repeg is an integral part of core developer Edward Kim’s Terra Classic Revival Roadmap. By simulating a repeg event, the joint team will have an opportunity to test previously approved proposals for maintaining the USTC peg.
If the proposal passes and no hurdles come from the USTC repeg process, the L1 Task Force will concentrate on the USTC repeg in Q3. Terra Classic community member and validator HappyCattyCrypto has pointed out how the USTC test net environment challenges will bring additional benefits to the overall Terra Classic ecosystem.
As for the developments focused on reviving LUNC and USTC, they encompass the successful conclusion of the v2.0.1 upgrade without setbacks on May 17, boosting the burn tax to 0.5%, increasing staking rewards and the community pool, and prepping the chain for AI implementations planned by Professor Edward Kim.
At the moment, LUNC’s price stands at $0.000087, a 2% decrease in the past 24 hours amidst market uncertainty. USTC’s price, on the other hand, is currently at $0.014, down 3% in the last day and 27% over the past month.
Although the article expresses the personal opinion of the author, it’s vital to conduct thorough market research before investing in cryptocurrencies. Neither the author nor the publication takes responsibility for personal financial losses.