TerraClassicRevival
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LUNC and USTC: A Plan for Repositioning to $1
The recent rise in the value of LUNC and USTC, tokens on the Terra Classic blockchain, is linked to efforts by the Terra Classic community to recover from the collapse of the original Terra blockchain in May 2022. The primary focus has been on restoring the peg of the stablecoin USTC to the US dollar.
LUNC, Terra Classic's native token, plays a crucial role in absorbing USTC price fluctuations and participating in network governance. USTC, the algorithmic stablecoin, aims to maintain a 1:1 peg to the US dollar by adjusting its token supply through minting and burning. However, the collapse in May 2022 led to USTC losing its peg, causing a significant drop in LUNC's value.
In response to this crisis, the Terra Classic community has been actively working to recover and enhance the value of its tokens. A key initiative involves reestablishing the USTC peg to the US dollar at the code, consensus, and guideline levels. The community approved the proposal named "Ziggy: Re-Peg UST (Signal)" in October 2022. This proposal also included a substantial increase in the Tobin tax to 100%, effectively halting the minting and redeeming of USTC. The purpose of this move is to prevent further dilution of USTC and prepare for the process of reducing it to $1.
The process of repegging USTC to $1 is being led by two developer teams: the Joint L1 Task Force and the RedlinerDrifter-led Quant team. This strategic move is expected to have a positive impact on the LUNC price, bringing it closer to the community's target of $1. The repegging involves various steps, including resetting the oracle price feed, adjusting the seigniorage pool, and burning excess USTC supply. The recent rise in USTC price can be attributed to the burning process, which reduces supply and increases demand for the stablecoin. This burning of USTC also benefits LUNC holders by boosting the value of their collateral and governance power.
Beyond the technical aspects, the positive sentiment and confidence within the Terra Classic community are contributing factors to the upward trend in LUNC and USTC prices. The community has displayed robust support and enthusiasm for revitalizing the Terra Classic ecosystem. Active participation in governance and development, coupled with the celebration of successful proposals like the v2.3.0 upgrade featuring the dynamic validator commission module, reflects the community's commitment to improving network functionality and security.
Anticipation for upcoming projects and applications on the Terra Classic blockchain, such as the Terra Classic Swap—a decentralized exchange enabling users to trade LUNC and USTC with other cryptocurrencies—further fuels positive sentiment. The collective efforts and engagement of the Terra Classic community are playing a vital role in the resurgence of the ecosystem.
In summary, the upward trajectory of LUNC and USTC prices can be attributed to the ongoing initiatives aimed at re-pegging USTC to $1, the strategic burning of USTC supply, and the prevailing positive sentiment and confidence within the Terra Classic community. These concerted efforts reflect a commitment to the recovery and revitalization of the Terra Classic ecosystem, signaling optimism for the ecosystem to reclaim its previous levels of success and value in the coming times.
#TerraClassicRevival #USTCRepeg #LUNCPriceSurge #CommunityConfidence #CryptoRecoveryJourney
$LUNC $USTC $LUNA
LUNC, Terra Classic's native token, plays a crucial role in absorbing USTC price fluctuations and participating in network governance. USTC, the algorithmic stablecoin, aims to maintain a 1:1 peg to the US dollar by adjusting its token supply through minting and burning. However, the collapse in May 2022 led to USTC losing its peg, causing a significant drop in LUNC's value.
In response to this crisis, the Terra Classic community has been actively working to recover and enhance the value of its tokens. A key initiative involves reestablishing the USTC peg to the US dollar at the code, consensus, and guideline levels. The community approved the proposal named "Ziggy: Re-Peg UST (Signal)" in October 2022. This proposal also included a substantial increase in the Tobin tax to 100%, effectively halting the minting and redeeming of USTC. The purpose of this move is to prevent further dilution of USTC and prepare for the process of reducing it to $1.
The process of repegging USTC to $1 is being led by two developer teams: the Joint L1 Task Force and the RedlinerDrifter-led Quant team. This strategic move is expected to have a positive impact on the LUNC price, bringing it closer to the community's target of $1. The repegging involves various steps, including resetting the oracle price feed, adjusting the seigniorage pool, and burning excess USTC supply. The recent rise in USTC price can be attributed to the burning process, which reduces supply and increases demand for the stablecoin. This burning of USTC also benefits LUNC holders by boosting the value of their collateral and governance power.
Beyond the technical aspects, the positive sentiment and confidence within the Terra Classic community are contributing factors to the upward trend in LUNC and USTC prices. The community has displayed robust support and enthusiasm for revitalizing the Terra Classic ecosystem. Active participation in governance and development, coupled with the celebration of successful proposals like the v2.3.0 upgrade featuring the dynamic validator commission module, reflects the community's commitment to improving network functionality and security.
Anticipation for upcoming projects and applications on the Terra Classic blockchain, such as the Terra Classic Swap—a decentralized exchange enabling users to trade LUNC and USTC with other cryptocurrencies—further fuels positive sentiment. The collective efforts and engagement of the Terra Classic community are playing a vital role in the resurgence of the ecosystem.
In summary, the upward trajectory of LUNC and USTC prices can be attributed to the ongoing initiatives aimed at re-pegging USTC to $1, the strategic burning of USTC supply, and the prevailing positive sentiment and confidence within the Terra Classic community. These concerted efforts reflect a commitment to the recovery and revitalization of the Terra Classic ecosystem, signaling optimism for the ecosystem to reclaim its previous levels of success and value in the coming times.
#TerraClassicRevival #USTCRepeg #LUNCPriceSurge #CommunityConfidence #CryptoRecoveryJourney
$LUNC $USTC $LUNA
🚀 Revitalizing Terra Classic: Validators Unite for L1JTF's
Upgrade Strategy (LUNC) 🌐
The recent turbulence involving TerraForm Labs' insolvency in the U.S. cast a shadow over LUNC just as Terra Classic members were in the midst of a critical vote on an L1JTF upgrade proposal. Amidst skeptics questioning the ambitious 11-week timeline, the Terra Classic community is powering through to breathe new life into its Layer-1 blockchain.
🔧 Crucial Security Update in the Pipeline
Envisioned as a vital step in the rejuvenation plan, a core security update package is set to revamp essential components of the original Terra Luna chain. The aim is to overcome the hindrance posed by "legacy components" and usher in a new era of features for the Layer-1 blockchain.
💡 Addressing Security Concerns
Beyond feature enhancements, the security update package takes aim at pressing security issues, including the surge in phishing attempts. The Terra Classic community is rallied to contribute $51,000 in two installments, paving the way for these critical security changes.
⏰ L1JTF's Race Against Time
Seasoned developer Vinh Nguyen, part of the L1JTF team, has set an ambitious timeline of eleven weeks to complete the proposed changes. The clock is ticking, and the community's active participation is crucial.
💬 Validators Rally Behind Improvement Plan
Prominent Terra Classic chain developers and validators, including Christopher Harris (X: JESUSisLORD), have voiced their support for the improvement plan. Harris proposes a freelancing-style system for developer jobs on the chain, aligning with the principles laid out in suggestion #12008.
🌟 United for Progress: Let's Shape the Future of Terra Classic Together!
#TradeNTell #Write2Earn #TerraClassicRevival #BlockchainProgress #LUNC $LUNC $BTC $BNB
Upgrade Strategy (LUNC) 🌐
The recent turbulence involving TerraForm Labs' insolvency in the U.S. cast a shadow over LUNC just as Terra Classic members were in the midst of a critical vote on an L1JTF upgrade proposal. Amidst skeptics questioning the ambitious 11-week timeline, the Terra Classic community is powering through to breathe new life into its Layer-1 blockchain.
🔧 Crucial Security Update in the Pipeline
Envisioned as a vital step in the rejuvenation plan, a core security update package is set to revamp essential components of the original Terra Luna chain. The aim is to overcome the hindrance posed by "legacy components" and usher in a new era of features for the Layer-1 blockchain.
💡 Addressing Security Concerns
Beyond feature enhancements, the security update package takes aim at pressing security issues, including the surge in phishing attempts. The Terra Classic community is rallied to contribute $51,000 in two installments, paving the way for these critical security changes.
⏰ L1JTF's Race Against Time
Seasoned developer Vinh Nguyen, part of the L1JTF team, has set an ambitious timeline of eleven weeks to complete the proposed changes. The clock is ticking, and the community's active participation is crucial.
💬 Validators Rally Behind Improvement Plan
Prominent Terra Classic chain developers and validators, including Christopher Harris (X: JESUSisLORD), have voiced their support for the improvement plan. Harris proposes a freelancing-style system for developer jobs on the chain, aligning with the principles laid out in suggestion #12008.
🌟 United for Progress: Let's Shape the Future of Terra Classic Together!
#TradeNTell #Write2Earn #TerraClassicRevival #BlockchainProgress #LUNC $LUNC $BTC $BNB
The Court of Appeal in Montenegro has canceled the extradition approval of Terraform Labs CEO Do Kwon, citing the lack of clarity and procedural irregularities. As a result, the case has been sent back to the High Court.
#TerraClassic #TerraClassicRevival #cryptoonline #CryptoNews🔒📰🚫
#TerraClassic #TerraClassicRevival #cryptoonline #CryptoNews🔒📰🚫
"Will Terra Classic (LUNC) Achieve the Coveted $0.1 Mark? Clues Unveiled!"
Artificial Intelligence (AI) chatbots ChatGPT and Google Bard have revealed the expected timeline for Terra Classic (LUNC) to touch $0.1.
Read more on: https://thecryptobasic.com/2024/01/22/when-will-terra-classic-lunc-hit-0-1-chatgpt-and-google-bard-give-hint/
#TerraClassicRevival #LUNC/USDT #Cryptocurrency #CryptoAnalysis" #CryptoNewsChatGPT
Read more on: https://thecryptobasic.com/2024/01/22/when-will-terra-classic-lunc-hit-0-1-chatgpt-and-google-bard-give-hint/
#TerraClassicRevival #LUNC/USDT #Cryptocurrency #CryptoAnalysis" #CryptoNewsChatGPT
"Tech Giants Unite for Unveiling Exclusive Terra Classic Price Projections"
With 2024 off to a rough start for many altcoins, ChatGPT and Google Bard have predicted what price Terra Classic (LUNC) will be trading at by year-end.
Read more on: https://thecryptobasic.com/2024/01/19/chatgpt-and-google-bard-predict-terra-classic-price-by-end-of-2024/
#TerraClassic #TerraClassicRevival #cryptocurrecny #CryptoNews🔒📰🚫 #CryptonewswithJack
Read more on: https://thecryptobasic.com/2024/01/19/chatgpt-and-google-bard-predict-terra-classic-price-by-end-of-2024/
#TerraClassic #TerraClassicRevival #cryptocurrecny #CryptoNews🔒📰🚫 #CryptonewswithJack
"Terra Classic (LUNC) Bulls Set Sights on Impressive $0.03 Price Target: A Patient Rally Unfolds"
A popular voice within the Terra Classic community is calling for patience amongst investors as the cryptocurrency struggles to grind its way back to the top.
Read more on: https://thecryptobasic.com/2024/01/30/terra-classic-lunc-bull-fixes-gaze-on-ambitious-0-03-price-calls-for-patience/
#TerraClassicRevival #LUNC+2.55% #LUNCcommunity #Crypto #CryptonewswithJack
Read more on: https://thecryptobasic.com/2024/01/30/terra-classic-lunc-bull-fixes-gaze-on-ambitious-0-03-price-calls-for-patience/
#TerraClassicRevival #LUNC+2.55% #LUNCcommunity #Crypto #CryptonewswithJack
"Terra Classic's (LUNC) Remarkable 61% Surge – Eyes Set on $0.0003"
Terra Classic (LUNC) has shocked many observers as its price jumped 61% to hit $0.0002614 in an ongoing epic rally.
Read more on: https://thecryptobasic.com/2023/12/04/terra-classic-lunc-jumps-61-to-breach-key-resistance-is-0-0003-in-view/
#TerraClassic #TerraClassicUSD #TerraClassicRevival #LUNCPricePrediction #CryptoNews🔒📰🚫
Read more on: https://thecryptobasic.com/2023/12/04/terra-classic-lunc-jumps-61-to-breach-key-resistance-is-0-0003-in-view/
#TerraClassic #TerraClassicUSD #TerraClassicRevival #LUNCPricePrediction #CryptoNews🔒📰🚫
"Sky's the Limit as Terra Classic Aims to Recapture $40 Billion Market Cap"
Renewed interest in Terra Classic (LUNC) has led to speculation about what it will take for the coin to return to its previous highs.
Read more on: https://thecryptobasic.com/2023/12/06/how-high-must-terra-classic-lunc-go-to-reclaim-40-billion-market-cap/
#TerraClassic #TerraClassicRevival #TerraClassicUSD #LUNCPricePrediction #CryptoNews🔒📰🚫
Read more on: https://thecryptobasic.com/2023/12/06/how-high-must-terra-classic-lunc-go-to-reclaim-40-billion-market-cap/
#TerraClassic #TerraClassicRevival #TerraClassicUSD #LUNCPricePrediction #CryptoNews🔒📰🚫
"Terra Classic (LUNC) Nears Historic 100B Token Burn, Price Analysis Reveals Potential Impact"
After implementing an aggressive deflationary campaign following its collapse in 2022, Terra Classic (LUNC) is now close to hitting the 100 billion token burn milestone.
Read more on: https://thecryptobasic.com/2024/02/14/terra-classic-lunc-to-breach-100b-token-burn-milestone-heres-price-implication/
#TerraClassicRising #TerraClassicRevival #LuncBurn #Crypto #CryptonewswithJack
Read more on: https://thecryptobasic.com/2024/02/14/terra-classic-lunc-to-breach-100b-token-burn-milestone-heres-price-implication/
#TerraClassicRising #TerraClassicRevival #LuncBurn #Crypto #CryptonewswithJack
