The Terra Luna Classic community is eagerly awaiting the outcome of a crucial vote on Proposal 11597 regarding the TerraClassicUSD (USTC) incremental repeg modeling and simulation. Early indications show strong support for the proposal, with over 99% of votes cast in favor of the initiative. This promising start demonstrates the community’s confidence in the Quant team developers who, in collaboration with the Joint L1 Task Force (L1TF), will work to repeg USTC to $1.
The USTC repeg proposal has garnered attention not only from Quant team member RedlineDrifter, who took to Twitter to announce its voting status but also from other community members who recognize its importance for the Terra Luna Classic chain. Major validators, including TCB, Coinpayu, StakeBin, Classy’s Sphere, PFC, and Lunanauts, have all voted “Yes” in favor of the proposal. Although the voting deadline is set for July 3, it is expected that a quorum will be reached well ahead of time.
According to details in the proposal, the project will require $20,000 in LUNC payment for the first month for the Quant team, consisting of RedlineDrifter, Faffy, Alex, Bilbo Baggins, and Kyjack. Notably, professor Edward Kim, a Terra Classic core developer, will join the team as a volunteer, contributing his expertise in AI application for backtesting and USTC repeg research. The Quant team aims to improve existing tools, conduct thorough analysis, and identify the algorithm’s strengths and weaknesses.
In addition to the Quant team’s efforts, both the L1TF and Quant team have proposed joining forces to coordinate on the USTC repeg. The L1TF will focus on reducing LUNC and USTC circulating supply in the third quarter of this year.
Meanwhile, the ongoing developments seem to have a slight impact on the market, with LUNC price falling 2% in the last 24 hours, trading at $0.000090. In contrast, the USTC price is down 1% at $0.012. As always, investors should conduct thorough research before jumping into the cryptocurrency market, as the author and publication assume no responsibility for personal financial losses.
Source: Coingape
