Terra Luna Classic Reveals USTC Repeg Plan, LUNC Price Soars 15%

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As a seasoned crypto investor with over a decade of experience navigating the volatile cryptocurrency market, I have seen my fair share of bull and bear markets. The recent developments surrounding Terra Luna Classic (LUNC) have certainly piqued my interest, and I am optimistic about its future prospects based on the latest proposals by popular validator Vegas Morph.

The well-regarded Terra Luna Classic member and validator Vegas Morph has presented a plan aimed at restoring the value of USTC to $1. This announcement has ignited optimism within the community, causing the LUNC price to continue its upward trajectory following a 15% increase over the past week.

Additionally, there’s a sense of optimism within the community because of advancements like the token burn initiative taken by Terraform Labs, the Tax2Gas upgrade, and improvements in security measures.

Popular Terra Luna Classic Validator Proposes USTC Repeg Plan

As a researcher, I’m sharing insights from Vegas Morph, a respected ex-member of the Terra Rebels development team, who proposes a strategy for re-pegging USTC following recent initiatives that have fallen short in supporting and advancing the Terra Luna Classic community.

In a recent post on Medium, the validator explained the following changes required to safely reactivate the market module. He asserts it will help repeg USTC to the US dollar.

In simpler terms, when working on Repeg, the developer should include an Oracle module that offers immediate USTC price updates. The burn rate ought to be established at 20% of the fee, 20% should go towards the Oracle Pool, and the rest, which is 60%, should be assigned to a pool to preserve Repeg’s stability.

Furthermore, it’s important that the size of the virtual liquidity pool is regulated with limits, and multiple such pools should be created, each with specific activation conditions. Developers must establish a maximum supply for LUNC and USTC tokens to prevent excessive token minting. Additionally, there should be an emergency shut-off mechanism for the module.

RedlineDrifter, a member of Quant USTC’s repag team, showed appreciation for the work done and encouraged the Terra Luna Classic community to take a closer look at it.

Instead of always having me present ideas that need evaluation, how about we as a community take an objective look at this proposal?

As a collective, let’s shift our focus from the burn tax towards understanding the factors that propelled LUNA to such great heights. This approach is key to our success.

— RedlineDrifter (@RedlineDrifter) September 12, 2024

Will LUNC Price Maintain Ongoing Rally?

Looking at my crypto portfolio today, I’m pleased to see that Terra Luna Classic (LUNC) has managed to climb 4% from its 24-hour low, with the current trading price sitting at $0.00008733. Earlier in the day, it dipped down to $0.00008382, but it quickly bounced back up to a high of $0.00008832. Moreover, the trading volume for LUNC has surged by an impressive 42% over the past 24 hours, indicating strong investor interest. As I keep my eyes on the market, the next resistance level for Terra Luna Classic seems to be around $0.00009. Exciting times ahead!

In the past seven days, the price has seen an increase of more than 15%, with a significant surge of over 10% in LUNC futures Open Interest (OI) on both Binance and Bybit within just one day. Furthermore, according to Coinglass data, the LUNC futures OI also rose by approximately 11% in the last 24 hours.

Terra Luna Classic Reveals USTC Repeg Plan, LUNC Price Soars 15%

Currently, USTC is being traded at $0.01781, marking an increase of over 4% in the last day. Its lowest and highest points within this period were $0.01704 and $0.01780 respectively. Over the past week, USTC has experienced a significant surge of approximately 15%.

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2024-09-14 18:36