Terra Luna Classic Proposal To Revive USTC And LUNC To $1

The Terra Luna Classic currently votes on a proposal by a developer to test market swap with a limiter by the L1 Terra Classic Task Force (L1TF) core development team. LUNC and USTC market swap function was disabled after the 2022 Terra-LUNA crisis and can help repeg USTC and revive LUNC price to $1. L1TF rejected the limiter function by the Quant USTC repeg team.

Terra Luna Classic Community Votes On Key Proposal

Proposal 11767 “Test market swap with mint limiter” is up for voting. It aims to make L1TF test using the limiter in the market swap only, which will successfully reopen the LUNC and USTC market swap.

Terra Luna Classic community enabling the market swap function will significantly reduce LUNC and USTC supply and help the community meet its vision of USTC repeg to $1 and Terra Luna Classic (LUNC) revival to $1.

The developer created the code and tested it in a test environment created by the L1TF developer team. He believes that enabling the market swap through this method is expected to significantly increase LUNC burn rate. It will also help increase utility by creating pairs in Terraswap or Astroport.

“Personally, I believe that with market swap we burn billions of tokens a day. By voting yes for the test merge the entire community has an opportunity to bring our ecosystem to life.”

Until now, the proposal has received 97% “Yes” votes, as well as 1% “Abstain”, and some “No” and “No with veto” votes. Among 9 validators who voted, four including JESUSisLORD and Coinpayu favor the proposal. While the community looks to approve the proposal, top validators are yet to vote on the proposal.

Read More: Massive Jump In LUNC And LUNA Trading Volumes Ahead Terra Classic Core Upgrade

LUNC price gave up earlier gains and currently trades at $0.000060, down nearly 7% in a week. The 24-hour low and high are $0.0000601 and $0.0000612, respectively.

Meanwhile, USTC price trades at $0.011, falling below support in the last 24 hours. Moreover, the trading volume has decreased by 40% in the past 24 hours, indicating a lack of interest from traders.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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