Terra Luna Classic’s core developer joins L1 Task Force for ongoing collaboration with USTC repeg, resulting in a remarkable 40% surge in LUNC price, greatly exciting the community.
In an eagerly anticipated move, the core developer of Terra Luna Classic has officially joined forces with the L1 Task Force (L1TF) to embark on the revitalization of USTC through the USTC repeg, aiming to restore the price of TerraClassicUSD (USTC) to $1, generating high anticipation among the community.
Following the developer group’s previous announcement, it has been disclosed that the L1 Task Force (L1TF) will collaborate with the USTC repeg team led by RedlineDrifter, post the v2.1.1 parity upgrade, with the shared objective of garnering increased recognition for the USTC stablecoin. This development has generated significant interest and anticipation within the community.
Terra Classic L1 Team collaborates on USTC Repeg
In a recent series of tweets on June 20, LuncBurnArmy, the project manager of the Joint L1 Task Force (L1TF), confirmed their collaboration with the newly formed Quant team. Additionally, LuncBurnArmy expressed support for any tasks approved through governance voting by the Terra Luna Classic community.
Following a minor dispute within the development team, RedlineDrifter and LuncBurnArmy engaged in a productive discussion regarding the USTC repeg work. As a result, the L1TF will remove the ‘reserve architecture/design’ and other USTC items, except for the market module, which will undergo rigorous testing on the testnet.
If the CEX does not support the divergence tax proposal, the quant team should explore alternative funding options for the reserve. It is recommended to include the reserve’s architecture/design in the quant team’s proposal. Meanwhile, the L1TF will focus on testing the market module throughout Q3.
LuncBurnArmy suggested including details in the proposal regarding the proposed assets for the reserve, its management, and exploring automation options to defend the peg using reserve assets. The quant team aims to allocate a significant portion of their time (60-70%) to the divergence tax while seeking alternative funding sources for the reserve, independent of CEXs.
LuncBurnArmy clarified that the information disclosed publicly by Binance was not authorized or approved by them regarding exchanges sharing information with the community.
The Joint L1 Task Force of Terra Classic developers successfully completed the major v2.1.1 parity upgrade on June 14. This upgrade aligns the chain with Terra 2.0 and other Cosmos chains, restoring its functionality. Although market volatility affected the broader market, the LUNC price remained within the falling wedge pattern, indicating potential growth opportunities for Terra Luna Classic.
Currently, LUNC price stands at $0.000088, experiencing a 2% decline over the last 24 hours. The price fluctuated between $0.0000883 and $0.0000906 during this period. On the other hand, USTC price is trading at $0.011, showing a 1% increase within the past 24 hours.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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