The #terraluna Classic blockchain reinstates a portion of the pre-depeg functionality.
The USTC stablecoin issued by Terra chain experienced significant devaluation in May 2022.
The LUNC has successfully regained a level of resistance that has not been observed since July 2023.
The Terra Luna Classic community, which has faced numerous challenges, is currently making significant progress in its efforts to revitalize Terra Classic. The restoration of a vital blockchain function has led to a significant daily rally for $LUNC, eliciting joy among members of the Terra Classic community. This rally marks the most substantial increase in value observed for $LUNC throughout the current year.
The cryptocurrency known as #LUNC has experienced a significant increase of 50% within the past 24 hours, effectively capitalizing on Bitcoin's retesting of the $38,000 price level. Furthermore, the observed strong positive link between the price of the dominant digital asset and the restoration of the market swap function is concurrent with the disabling of said function following the Terra Luna incident in May 2022.
The restoration of the market swap by Terra Classic has been successfully accomplished.
The market exchange option on TFL Terra Station, which has been much anticipated by the Terra Classic community, is once again accessible. The market swap option was initially implemented to facilitate the exchange of Terra Classic USD (USTC) and Terra Luna Classic on-chain. This feature aimed to enhance liquidity and foster an interoperable environment for builders and traders within the Terra blockchain.
The decoupling of the USTC has adversely affected the market swap functionality. Subsequently, a number of volunteer developers have made incremental advancements on the blockchain. Simultaneously, the Layer-1 Joint Task Force (L1JTF) and the USTC Quant Team have been actively exploring strategies to facilitate the integration of Terra's revival plan and the reinstatement of #USTC 's $1 peg with prominent cryptocurrency exchanges.