Terra Luna Classic initiates a push-up initiation for a system that will repeg the USTC to $1 and provides an incentive of up to $1 million for work in development.
The Terra Luna Classic community initiated discussions regarding pursuing a flawless repeg mechanism for the USTC algorithmic stablecoin. The community believes taking the LUNC revival and USTC repeg seriously is time. The initial proposal is to offer a $250,000 bounty for developing a flawless system to repeg USTC to $1, to increase the amount to over $1 million.
Terra Luna Classic Bounty for the USTC Repeg System
A $250,000 bounty has been announced to restore the stability and value of USTC to $1. The bounty will be awarded to the developer or developer group that creates an unregulated system to repeg USTC. A proposal delineates the expectations, process, and requirements for this initiative.
“The primary objective is to create, develop, and execute a system that guarantees USTC’s continued peg to the USD without the hazards that precipitated the previous depegging event,” stated NB_Crypto, a community member.
The primary system requirements are stability, security, transparency, decentralization, economic incentives, scalability, and interoperability. The objective of the initiative is to establish a decentralized system that is both secure and stable. In addition, the system must provide financial incentives to maintain the index, high throughput, and interoperability advantage.
Submission of the LUNC Community Proposal
Detailed whitepapers must be submitted to elucidate the mechanics of the USTC repeg system. Additional prerequisites include technical documentation, security audits, economic models, and a timeline.
Community-selected experts will review the submissions, and the short-listed proposals will be subject to governance voting. Additionally, the Terra Luna Classic community will assist the developer team in integration, testing, and deployment.
Additionally, the community is contemplating additional development initiatives after the recent approval of Genuine Labs’ Tax2Gas implementation proposal. It asserts that it will increase the price of LUNC and the activity of the blockchain.
The price of LUNC to Rise?
Although the community well-received the news, prominent developers have yet to respond to the repeg’s feasibility.
The price of LUNC has decreased by 6% in the past week and is currently trading at approximately $0.000077. The 24-hour low and high are $0.00007652 and $0.00007782, respectively. Additionally, the trading volume decreased by 33% in the past 24 hours, suggesting that traders are uninterested.
In the interim, the price of USTC increased by 3% in response to the initiative, and it is currently trading at $0.01561. The 24-hour trading volume has decreased by 20%. It is worth noting that the total open interest in USTC futures has increased by over 3% in the past 24 hours, with Binance and Bybit experiencing a 5% and 10% increase, respectively.
