The Terra Luna Classic Community Votes on Proposal 11767
The Terra Luna Classic community is currently voting on Proposal 11767, titled “Test market swap with mint limiter.” This proposal, if approved, will allow the L1 Terra Classic Task Force (L1TF) core development team to test the market swap with a limiter. By enabling the market swap function, the community aims to address the 2022 Terra-LUNA crisis and restore the price of LUNC to $1.
Benefits of Enabling the Market Swap Function
If the market swap function is enabled, it will have several positive effects. Firstly, it will reduce the supply of LUNC and USTC, aligning with the community’s vision of USTC repegging to $1 and reviving LUNC to $1. Additionally, the code for the market swap has been developed and tested in a controlled environment, with the expectation that it will significantly increase the burn rate of LUNC tokens. This will also enhance the utility of the tokens by enabling them to be paired in Terraswap or Astroport.
“By voting yes for the test merge, the entire community has an opportunity to bring our ecosystem to life by burning billions of tokens a day.”
Status and Price Update
Currently, the proposal has received a majority of “Yes” votes, with 97% in favor, along with 1% “Abstain” votes. However, top validators are yet to cast their votes. In terms of price, LUNC is currently trading at $0.000060, experiencing a 7% decline in the past week. On the other hand, USTC is trading at $0.011, falling below support in the last 24 hours, with a decrease in trading volume.
Hot Take
The approval of Proposal 11767 and the enabling of the market swap function could have a significant impact on the Terra Luna Classic ecosystem. It has the potential to stabilize the price of LUNC, increase its utility, and create more opportunities for token holders. However, it remains to be seen how the top validators will vote and what implications their decisions will have on the proposal’s outcome.
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