Terra Classic Passes Crucial Proposal To Revive LUNC, USTC Price To $1 After Parity Upgrade

Terra Classic (LUNC) core developer team Joint L1 Task Force (L1TF) plan to work on TerraClassicUSD (USTC) repeg to $1 after the v2.1.0 parity upgrade is approved by the Terra Classic community.

After completing the CosmWasm parity upgrade on June 14, the LITF will use a small portion of its budget to set up a USTC test environment for the USTC repeg team. LUNC and USTC prices jumped in the past 24 hours.

Terra Classic Community Approves L1TF to Work on USTC Repeg

The Terra Classic community has unanimously passed Proposal 11548 “USTC Test Environment” on June 7. The proposal received 90% votes in favor, while 10% voted to abstain. Surprisingly, the proposal received almost zero “No” and “No with veto” votes. It means the community considers the importance of USTC repeg to revive LUNC and bring back utility to the Terra Classic blockchain.

Amongst 47 validators who participated in the voting, 38 voted in favor of the proposal, 9 voted “Abstain”, and no one voted in opposition to the proposal. Allnodes, Orion, Coinpayu, TerraCVita, StakeBin, and other top validators voted “Yes” to approve Joint L1 Task Force to work with the USTC repeg team.

L1TF proposes to use its Q2 budget to set up a USTC test environment. RedlineDrifter, who is leading the USTC repeg, earlier shared concerns of some crypto exchanges regarding proper infrastructure support. There are efforts to work with the L1 team and TGF to get a list of the CEX concerns and address them.

According to the proposal, the team will identify capital controls that could have prevented the “death spiral” during the Terra-LUNA crisis. In fact, the USTC repeg is part of core developer Edward Kim’s Terra Classic Revival Roadmap. The joint team will create a simulated repeg event and test passed proposals for maintaining the USTC peg.

If the proposal is passed and USTC repeg doesn’t face any roadblocks, the L1 Task Force will mostly work on the USTC repeg in Q3.

Also Read: Terra Founder Do Kwon Bail Appeal Moves To Montenegro High Court

LUNC and USTC Price Rally

Terra Luna Classic (LUNC) price skyrocketed 35% this week as users closes their open positions and shorts in response to Binance delisting the USDⓈ-M 1000LUNCBUSD Perpetual Contract. Massive 1000LUNC and LUNC shorts liquidation worth millions is recorded currently.

LUNC price currently trades at $0.000097, up 15% in the past 24 hours. The 24-hour low and high are $0.000085 and $0.000103, respectively. Terra founder Do Kwon allegedly have political ties in Montenegro.

Meanwhile, USTC price also jumped 5% in the past 24 hours, with price currently trading at $0.013.

Also Read: Terra Founder Do Kwon Allegedly Has Political Ties, Says Montenegro Prime Minister

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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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