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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

USTC: Will Proposal To Re-Peg Stablecoin Push LUNC To $1?

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
LUNC

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In one of the most catastrophic events to ever hit the crypto industry, the prominent algorithmic stablecoin TerraClassicUSD (USTC) – formerly UST – became depegged from the US dollar around a year ago. As a result, the Terra ecosystem crumbled, leading to uncontrolled minting and supply of Terra Classic (LUNC) tokens.

However, in the latest developments, the Terra community is looking to approve a proposal to revive the ecosystem and restore USTC’s value peg with the US dollar.

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USTC Re-Peg Proposal

On Saturday, 22nd April, a Terra community member known as RedlineDrifter submitted a proposal that aims to re-peg stable coin TerraClassicUSD to the dollar. This proposal will enforce a re-pegging mechanism that implements divergence fees on USTC trades that slip below or rise above the peg. In this mechanism, the accrued fees will be used to repurchase the asset.

Proposal 11487 – Signal – USTC Incremental Repeg, Buybacks, Staking, Swaps

Is now up for vote on Station. If you agree with this proposal please vote yes and RT. Let's take back control over our money!https://t.co/WuAjDLeNwl#LUNC #USTC $LUNC $USTC #Repeg

— RedlineDrifter (@RedlineDrifter) April 22, 2023

This re-pegging plan proposes the implementation of various mechanisms, including divergence fees, USTC buybacks, and a swap and staking mechanism. What’s more, RedlineDrifter emphasized how these mechanisms will help maintain USTC’s value once it restores parity with the dollar.

The re-pegging proposal looks set for approval, according to the figures from ATOMScan. As of this writing, 49.11% have voted in support of the proposal, while only 6.63% of the total votes are not in favor. That said, it is worth noting that 44.24% chose to sit on the fence. The votes are expected to end later today.

USTC

Source: ATOMScan

One major aspect of the proposal that the community will be hoping also goes through is the approval by centralized exchanges (CEXs). This is due to the fact that the proposal would require CEXs to enforce divergence fees on USTC sell orders below or above $1. 

Once the proposal gets the necessary approval, the L1 team will decide on a reasonable timeframe and will launch the re-pegging mechanism in four phases.

How LUNC Is Faring So Far

While USTC reacted to the recent development with a 10% price jump, LUNC has been somewhat subtle with its response. The cryptocurrency has experienced a 2.43% price increase in the past 24 hours and only a 2.9% rise in the past week.

That said, a broader look at the LUNC’s market performance shows that the coin’s current price is an obvious improvement from the previous week’s slump. Between 15th April and 22nd April, LUNC lost more than 11% of its value, per CoinGecko data.

Since the USTC re-peg proposal was put forward, there have been heavy discussions surrounding the resurgence of LUNC. This is mainly due to the inclusion of a mechanism to reduce the circulating supply of the token. This would involve using 45% of accrued USTC profit from the divergence fees to swap for LUNC.

Hitting $1 is the target for Terra Classic (LUNC), but that would require extensive efforts from all ends, starting with the USTC re-peg mechanism. As of this writing, LUNC trades at $0.00011200, with a $663 million market cap. This means it would take a staggering 892,757% price rally for LUNC to hit the target of $1.

USTC

LUNC trading at $0.00011088 | Source: LUNCUSD chart from TradingView

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Terra Classic Recent Efforts Could Benefit LUNC’s Growth Potential

2 years ago
Featured image from BTCC, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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