Date: Sat, Sept 14, 2024, 05:26 PM GMT
In today's cryptocurrency market, Terra tokens, including Luna Classic (LUNC), Luna (LUNA), and USTC, saw impressive price jumps following a new proposal aimed at re-establishing the peg of USTC to the $1.
A former member of the Terra Rebels developer group, Vegas Morph, has put forward a detailed plan to repeg USTC. This proposal comes after previous attempts failed to deliver positive results for the Terra Luna Classic community.
In a recent Medium post, Vegas Morph outlined a series of changes needed to reactivate the market module safely. These steps, he claims, will help USTC regain its dollar peg. The key points of the proposal include:
Oracle Integration: A new oracle module is essential for providing real-time price feeds for USTC.
Burn and Allocation Strategy: The burn rate should be set at 20% of the fee, with 20% allocated to the Oracle Pool and 60% directed towards a pool designed to maintain the peg.
Liquidity Pool Limits: Introducing virtual liquidity pools with size limits and conditional activation steps.
Supply Cap: Imposing a hard cap on the supply of both LUNC and USTC to prevent unwanted token minting.
Kill Switch: Adding a kill switch to disable the module if necessary.
Reacting to the news, the price of Terra tokens experienced a noticeable boost. $LUNC surged by 4.86%, $LUNA rose by 8.01%, and $USTC saw an 8.33% increase. The market's response signals growing optimism that the new repeg plan could bring positive change to the Terra ecosystem.
Source: Coinmarketcap
As more details emerge, all eyes are on how the community and developers will collaborate to move forward with this proposal.
Get more updates at: coinsprobe.com
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