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Terra Luna Classic Reveals USTC Repeg Plan, LUNC Price Soars 15%
Terra Luna Classic popular member and validator Vegas Morph has unveiled a proposal to repeg USTC to $1. This sparked bullish sentiment in the community, with LUNC price gaining further upside momentum after rising 15% in a week.
Moreover, the community is also bullish due to developments such as token burn by Terraform Labs, the Tax2Gas upgrade, and security updates.
Popular Terra Luna Classic Validator Proposes USTC Repeg Plan
Vegas Morph, a former Terra Rebels developer group member, has suggested a plan for USTC repeg after recent efforts failed to advance and benefit the Terra Luna Classic community.
In a recent post on Medium, the validator explained the following changes required to safely reactivate the market module. He asserts it will help repeg USTC to the US dollar.
The developer working on repeg needs to integrate an oracle module that provides real-time price feeds for USTC. The burn amount must be set to 20% of the fee, allocate 20% for Oracle Pool, and designate the remaining 60% to a pool to maintain the peg.
In addition, the virtual liquidity pool size should come with limits and introduce multiple pools with conditional activation steps. Developers must impose a hard cap on LUNC and USTC supply, which will address unwanted minting of tokens. Also, there needs to be a kill switch for the module.
RedlineDrifter, member of Quant USTC repeg team, reacted positively to the efforts and asked the Terra Luna Classic community to review it.
Ammm rather than me constantly being the one blasting these proposals, why doesn’t the community try objectively review this one.
We as a community need to start thinking less about the burn tax and more about what drove LUNA to its rapid heights. That’s how we will succeed.…
— RedlineDrifter (@RedlineDrifter) September 12, 2024
Will LUNC Price Maintain Ongoing Rally?
Terra Luna Classic price climbed 4% further from the 24-hour low, with the price currently trading at $0.00008733. The 24-hour low and high are $0.00008382 and $0.00008832, respectively. The LUNC trading volume has also increased by 42% in the last 24 hours. The next resistance is near the $0.00009 level.
The price has increased more than 15% in a week, with over 10% jump in 1000LUNC futures OI on Binance and Bybit in a day. Also, LUNC futures OI climbed more than 11% in the last 24 hours, as per Coinglass data.
Meanwhile, USTC price is trading at $0.01781, also up more than 4% over the last day. The 24-hour low and high are $0.01704 and $0.01780, respectively. The price has rallied 15% in a week.
Varinder Singh
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.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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