Terra Luna Classic developer organizations Joint L1 Task Force and Quant plan to work on USTC repeg to revive the price to $1
The Terra Luna Classic primary developer teams clarify the situation to advance the Terra Classic ecosystem revival. The Joint L1 Task Force and RedlinerDrifter-led Quant developer teams have decided to proceed with the TerraClassicUSD (USTC) repeg to revive USTC to $1, which will indirectly contribute to the community’s goal of a $1 LUNC price.
Terra Luna Classic Developers Prep for USTC Repeg
Ex-Terra Rebels and Quant team member RedlineDrifter clarified the controversy surrounding USTC repeg and Joint L1 Task Force leaking confidential information on Twitter on June 23.
The developer teams will once more collaborate to persuade cryptocurrency exchanges to support USTC repeg efforts. The developers concur with the Terra Luna Classic community that the USTC repeg will aid in revitalizing the LUNC ecosystem.
He disclosed that the team contacted key crypto exchanges via the Terra Grants Foundation and reXx, founded by Professor Edward Kim. The majority of exchanges supported Proposal 11487, “USTC Incremental Repeg, Buybacks, Staking, Swaps.”
Due to his involvement in Terra Classic’s development, L1TF project manager LuncBurnArmy was given access to the centralized exchanges about the proposal’s technical issues. RedlineDrifter asserts that only he, reXx, and LuncBurnArmy knew the information. However, LuncBurnArmy has refuted disclosing private information.
“We were still in talks and they’ve made it clear that they have not closed the door on the proposal. Regretfully, LBA decided to circumvent the usual lines of communication, and he leaked confidential information.”
While the community agrees with the USTC repeg to revitalize the Terra Luna Classic ecosystem, some members have pointed out “a lack of professionalism and maturity.” In the meantime, L1TF agrees to work on USTC repeg to enhance and expedite the reduction of LUNC and USTC supplies, as revealed in their revised Q3 proposal.
Despite Significant News LUNC Price remains Sideways
Price of LUNC Moving Sideways After the v2.1.1 parity upgrade, despite Major News Terra Classic, continues to move sideways, failing to gain upward momentum above the $0.00010 level. In addition, news that the LUNC community anticipates a rebound to $0.00014 by June 30 could not trigger a price increase.
The price of LUNC has increased by 1% over the past twenty-four hours and is currently trading at $0.00092. The 24-hour low is $0.000894, and the 24-hour high is $0.000928. Now, the price of USTC is $0.012.
