$1M Developer Bounty Announced as Terra Luna Classic Advances USTC Repeg

• $1M bounty announced to incentivize development of a secure system to restore USTC’s $1 peg.
• LUNC community is optimistic, with analysts projecting a potential 405% price surge.

The recent rally may signal more volatility, with $0.0001 liquidity at risk, as we discussed earlier. Terra Classic (LUNC) is up 23%. The Terra Luna Classic community is focusing on a plan to restore the USTC stablecoin to its $1 peg.

A proposed bounty of $250,000 has been announced for developers who can create a flawless system to achieve this goal, with potential future rewards exceeding $1 million. The initiative outlines specific requirements such as stability, security, transparency, and scalability, aiming to build a secure, decentralized system with economic incentives to maintain the peg.

Developers are expected to submit a detailed whitepaper, and selected proposals will undergo community review and governance voting. In a recent update, CNF revealed that an analyst’s forecast projects a 405% growth in Terra Classic (LUNC) price, targeting $0.00042986.

Market Response and Price Projections

Referring to the impact on LUNC and USTC prices, the news has been met with cautious optimism. At the time of writing, LUNC is trading near $0.000078, having surged by 0.15% over the past 24 hours, with a 1.82% decrease in trading volume over the past week. See the price chart below.