LUNC News: Terra Classic (LUNC) and TerraClassicUSD (USTC) are witnessing a massive price surge after Binance warning labels were removed from the crypto exchange. Another reason for the price rally is a positive result from the USTC-repeg proposal.
USTC Repeg proposal gains support from the Terra community
Core developer Duncan’s proposal 11324 “Ziggy: Re-Peg UST (Signal)” has passed the “pass threshold” with 76.40% votes from the Terra Classic community.
The proposal aims to upgrade to the TerraClassicUSD (USTC) coin algorithm using a code addition, Exchange Rate Modifier (ERM) to re-link USTC. It includes the development of the ERM; obtain consensus from developers, CEXs and other blockchain markets; and test, adjust and repeat the process.
Of the validators, 37 approved the proposal, while 5 voted “no” and 12 “abstained”. Several top validators such as Allnodes, Orion, StakeBin, BTC.Secure, and Classy’s Sphere supported the proposal.
Meanwhile, Terra Classic core developer Edward Kim’s proposal 11310 to upgrade blockchain to v1.0.5 was recently approved by the community. The Joint L1 Task Force has the Terra Classic v1.0.5 update and nodes can upgrade it before reaching block height 11,543,150, estimated on February 14.
LUNC and USTC Prizes Start Bull Run
TerraClassicUSD (USTC), Terra’s stablecoin is finally seeing some bright clouds. At the time of writing, USTC is up more than 70% as it is currently trading around $0.041, with a 24-hour trading volume of $189,745,628.
Source – CoinMarketCap
The algorithmic stablecoin took on a bullish trend right after Binance, one of the most popular cryptocurrency exchanges, removed the warning messages on USTC and LUNC.
While Terra Classic (LUNC), the original chain of the collapsed Terra ecosystem, has seen solid growth as it currently trades at $0.0002027, a gain of 17.85% compared to the previous day. It currently ranks 43rd on the CMC ranking with a live market cap of $1,209,790,645.
Therefore, these two cryptocurrencies are worth keeping an eye on.
Also Read: Terra Classic Project Burns 16 Million LUNC Tokens and Becomes Top Burner
Note: The information in this article is solely the opinion of the author and not investment advice.
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