Terra (LUNA) Classic core developer team Joint L1 Task Force (L1TF) outlines intends 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.
Terra (LUNA) Classic L1TF To Work With USTC Team
Joint L1 Task Force project manager LuncBurnArmy on May 23 submitted a proposition seeking authorization from the Terra (LUNA) Classic community to work on USTC repeg. It’s worth noting 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.
Reports by the proposition, the team will identify financial resources controls that could have prevented the “death spiral” following the USTC depeg. In reality, the USTC repeg is part of core developer Edward Kim’s Terra (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 doesn’t face any roadblocks, the L1 Task Force will mostly work on USTC repeg in Q3.
HappyCattyCrypto, a trending Terra (LUNA) Classic community member and validator, shares how the USTC test net environment will attract more advantages to the overall Terra (LUNA) Classic ecosystem.
#USTC Test Net BREAKDOWN! Why Is This Good?https://t.co/Be2oyiHr3O#LUNC #USTCRepeg pic.twitter.com/qXncrIzxES
— HappyCattyCrypto (@HappyCatKripto) May 24, 2023
LUNC and USTC To $1?
As of 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 Artificial Intelligence (AI) implementations as planned by professor Edward Kim.
LUNC price as of 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.
In the meantime, USTC price is at $0.014, down 3 percent in the previous day and 27 percent in a month.