Terra Classic Core Developer Proposes To Run Both USTC Re-peg Proposals In Parallel

Edward Kim proposes to run both USTC re-peg proposals in parallel.

In a tweet on Tuesday, TerracVita, a subgroup of the Terra Rebels, shared a discord message where Terra Classic core developer Edward Kim proposes to run the competing TerraClassicUSD (USTC) re-peg proposals in parallel.

“i have been working with both alex and zaradar on their proposals, I have some of the logistics worked out on rebel-2 testnet. very early stages, but it is technically feasible, and both can coexist and be implemented in parallel for the time being,” Kim writes.

@edk208 delivers the fabled 2 birds with one stone, showing that embracing diversity of ideas new solutions can usually be found. That is the #TerracVita way. pic.twitter.com/hKdPMp2OCW

— TerracVita (@TerracVita) October 11, 2022

It bears mentioning that Kim’s suggestion comes as the competing proposals to reclaim the USTC dollar peg have sparked heated debates in the community. Notably, both proposers took very different approaches to solve the problem.

While Alex Forshaw initially opted to mint more LUNC to collateralize an algorithmic fungible token (AFT) to restructure USTC, Tobia Andersen, AKA Zaradar, opted for a quantitative tightening approach, with the plan of re-enabling swaps after creating features that provide new utility for USTC and burn more LUNC.

Notably, several influential voices in the community have thrown their weight behind the proposal by Zaradar. Consequently, the positive sentiment led to double-digit percentage gains for the defunct algorithmic stablecoin.

It bears mentioning that the community has received the latest suggestion from Kim positively, as it could give a clear picture of what the community should adopt from both proposals.

This could revolutionize #LUNC. How many want this to happen? https://t.co/LLIctkKM4I

— TerraRebel (@RexYellerBelly) October 11, 2022

USTC, formerly just TerraUSD (UST), de-pegged from the dollar in May, kicking off a death spiral that led to the collapse of the Terra ecosystem. It is currently trading at the $0.05066 price point, up 63.74% in the last seven days. As it sees increased attention, it has jumped almost 30 places to rank 71 amongst the top 100 cryptocurrencies by market cap.

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