The Terra Luna Classic core developer teams, including the Joint L1 Task Force and RedlinerDrifter-led Quant team, have made the critical decision to proceed with a TerraClassicUSD (USTC) repeg in an effort to revive the ecosystem and bring the USTC value back to $1. This move also aims to help boost the LUNC price to the community’s desired value of $1.
Ex-Terra Rebels and Quant team member RedlineDrifter recently posted on Twitter to clarify drama concerning the USTC repeg and confidential information leaks from the Joint L1 Task Force. Moving forward, the developer teams will continue to work together, hoping to win over crypto exchanges’ support for USTC repeg efforts. The belief among the Terra Luna Classic community is that the USTC repeg will play a significant role in the ecosystem’s revival for LUNC.
Disclosure of the team’s exchanges with major crypto platforms came as a result of collaborations with the Terra Grants Foundation, founded by Professor Edward Kim, and reXx. Encouragingly, most exchanges had a positive response to Proposal 11487, which centers on “USTC Incremental Repeg, Buybacks, Staking, Swaps.” However, technical issues cited by centralized exchanges in their dealings with L1TF project manager LuncBurnArmy came under fire when LuncBurnArmy was accused of leaking the sensitive information. Despite denying the allegations, some community members have expressed concerns over the perceived “lack of professionalism and maturity.”
Despite the controversy, the L1TF remains committed to the USTC repeg, as evidenced by their revised Q3 proposal, which focuses on enhancing and expediting LUNC and USTC’s supply reduction. On the other hand, LUNC’s price has had a lukewarm response to these developments. Following the v2.1.1 parity upgrade, its value has remained relatively unchanged, hovering around the $0.00010 level. Even though the LUNC community expected a rebound to $0.00014 by the end of June, that hope has yet to materialize. Currently, the LUNC price stands at $0.00092, with the 24-hour low and high set at $0.000894 and $0.000928, respectively. Meanwhile, the USTC price trades at $0.012.
In conclusion, it remains uncertain if the USTC repeg will fully deliver on the anticipated revival for LUNC and its ecosystem. While progress has been made and positive partnerships formed, the recent leaks and skepticism among community members must be addressed to ensure a united front moving forward. As with all investments within the cryptocurrency space, thorough research and analysis should be conducted before making the leap.
Source: Coingape
