The Terra Classic (LUNC) core developer team Joint L1 Task Force (L1TF) has announced plans to work on TerraClassicUSD (USTC) repeg to $1 after the v2.1.0 parity upgrade is approved by the Terra Classic community. Following the recent completion of the CosmWasm parity upgrade on June 14, the LITF intends to use a small portion of its budget to set up a USTC test environment for the USTC repeg team. As a result, the LUNC and USTC prices experienced significant increases within the past 24 hours.
The Terra Classic community has already demonstrated its support for the initiative by unanimously passing Proposal 11548 “USTC Test Environment” on June 7. The proposal received 90% of votes in favor, and while 10% voted to abstain, no one voted against the proposal. This overwhelming approval from the community indicates the significance of the USTC repeg to revitalize LUNC and restore utility to the Terra Classic blockchain.
The 47 validators who participated in the vote reflected similar enthusiasm, with 38 voting in favor of the proposal, 9 voting “Abstain”, and none in opposition. Top validators such as Allnodes, Orion, Coinpayu, TerraCVita, StakeBin, and others, voted “Yes” to authorize the Joint L1 Task Force to collaborate with the USTC repeg team.
L1TF has proposed using its Q2 budget to establish a USTC test environment. RedlineDrifter, who leads the USTC repeg, previously expressed concern about some crypto exchanges’ ability to provide adequate infrastructure support. To address these concerns, the team is making efforts to collaborate with the L1 team and TGF to compile a list of the CEX concerns and devise solutions. The joint team will create a simulated repeg event and test implemented proposals for maintaining the USTC peg as part of core developer Edward Kim’s Terra Classic Revival Roadmap. If the proposal passes and the USTC repeg encounters no significant hurdles, the L1 Task Force will likely focus on the USTC repeg in Q3.
In response to Binance delisting the USDⓈ-M 1000LUNCBUSD Perpetual Contract, users have begun closing their open positions and shorts, and the Terra Luna Classic (LUNC) price has soared 35% this week. The LUNC price currently trades at $0.000097, up 15% in the past 24 hours, with a 24-hour low and high of $0.000085 and $0.000103, respectively. Similarly, the USTC price has risen 5% in the past 24 hours, trading at $0.013.
However, crypto investors should always proceed with caution and conduct thorough market research before investing, as the author and publication hold no responsibility for personal financial losses.
Source: Coingape
