Terraย (LUNA) Classic core developer team Joint L1 Task Force (L1TF) outlines intendsย to work on TerraClassicUSD (USTC) repeg to $1 after completing the CosmWasm v1.1.0 parity upgrade. The L1TF with work with the USTC repeg team to establish a USTC test environment to focus on building the infrastructure required to successfully repeg USTC to $1.
Terraย (LUNA) Classic L1TF To Work With USTC Team
Joint L1 Task Force project managerย LuncBurnArmy on May 23 submitted a proposition seeking authorization from the Terraย (LUNA) Classic community to work on USTC repeg. Itโsย worthย notingย that, LITF will work with the USTC repeg team after completing the CosmWasm v1.1.0 parity upgrade and implementing the 5 percent minimum commission for validators.
L1TF proposes to use its Q2 budget to establish a USTC test environment. RedlineDrifter, who is leading the USTC repeg, earlier shared concerns of some cryptocurrency exchanges regarding proper infrastructure support. There are efforts to work with the L1 team and TGF to get a list of the CEX concerns and address them.
Reportsย by the proposition, the team will identify financialย resources controls that could have prevented the โdeath spiralโ following the USTC depeg. Inย reality, the USTC repeg is part of core developer Edward Kimโs Terraย (LUNA) Classic Recovery Roadmap. The joint team will create a simulated repeg event and test passed proposals for maintaining the USTC peg.
If the proposition is passed and USTC repeg doesnโt face any roadblocks, the L1 Task Force will mostly work on USTC repeg in Q3.
HappyCattyCrypto, a trending Terraย (LUNA) Classic community member and validator, shares how the USTC test net environment will attract more advantages to the overall Terraย (LUNA) Classic ecosystem.
#USTC Test Net BREAKDOWN! Why Is This Good?https://t.co/Be2oyiHr3O#LUNC #USTCRepeg pic.twitter.com/qXncrIzxES
โ HappyCattyCrypto (@HappyCatKripto) May 24, 2023
LUNC and USTC To $1?
Asย ofย now, there are numerous developments going to revive LUNC and USTC. It includes the successful completion of the v2.0.1 upgrade without any issues on May 17, raising the burn tax to 0.5%, increasing staking bonus and community pool, and preparing the chain for Artificialย Intelligenceย (AI) implementations as planned by professor Edward Kim.
LUNC price asย ofย now trades at $0.000087, down 2 percent in the past 24hrs amid market uncertainty. The 24-hour low and high are $0.000086 and $0.000090, respectively.
Inย theย meantime, USTC price is at $0.014, down 3 percent in theย previousย day and 27 percent in a month.
