The Terra Classic (LUNC) community is buzzing with excitement because they’ve officially given the thumbs up to the proposal by the USTC repeg team. This endorsement has raised hopes that both LUNC and USTC might see their prices go up.
The Terra Classic community has made an important decision by approving Proposal 11730, called “USTC/Stable Algo Quant Team.” This proposal had been rejected before due to low voting turnout because of technical wallet issues. But now, with the Terra Station wallet working well again, enough validators have voted.
The proposal got a 50% approval rating, which is above the necessary “pass threshold.” There were also 8% “No” votes and 7% “No with veto” votes. The validator with the most voting power, Allnodes, chose not to vote, accounting for 35% of the votes.
A total of 50 validators took part in the governance voting, with 35 supporting the proposal. Important validators that favored it include DFLunc, Stakely, 1maxfee, TerraCVita, LUNC DAO, and StakeBin.
Earlier, the proposal was rejected, but USTC Quant team members believed some validators influenced the outcome. Now, one validator has committed to funding the USTC repeg team through commissions to address the issue of “zombie USTC” without needing additional funding.
Decline in LUNC and USTC Token Prices
The delay in approving seven Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission triggered a wider cryptocurrency market selloff. Consequently, LUNC and USTC prices took a hit.
Currently, LUNC is trading at $0.00006192, showing a 1.5% increase in the last 24 hours but a 22% decline in the past month. Its daily range is between $0.0000612 and $0.0000644.
Similarly, USTC prices dropped by 5% in the last 24 hours, with the current price at $0.011954. Notably, trading volume saw a significant 150% increase during this time.
The Terra Luna Classic community’s support for the USTC repeg team’s proposal adds to the anticipation in the ecosystem. Since LUNC and USTC token prices are influenced by the broader crypto market, investors are closely watching for developments.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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