🌖 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.
🔸 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.
