Altcoin

Terra Luna Classic Advances For System To Repeg USTC

Published

3 months ago

August 17, 2024

LUNC News: Terra Luna Classic community started discussions on seeking a flawless repeg system for USTC algorithmic stablecoin. The community thinks it’s time to get serious on LUNC revival and USTC repeg. Initially, a $250,000 bounty is proposed for the development of a flawless system to repeg USTC to $1, with plans to offer more than $1 million.

Terra Luna Classic Bounty For USTC Repeg System

In pursuit of restoring the stability and value of USTC to $1, a bounty of $250,000 is announced. The developer or developer group that develops a lawless system to repeg USTC will receive the bounty. A proposal is put forward that outlines the requirements, process, and expectations for this initiative.

“The primary goal is to design, develop, and implement a system that ensures USTC maintains its peg to the USD without the risks that led to the previous depegging event,” said a community member, NB_Crypto.

The key requirements for the system are stability, security, transparency, decentralization, economic incentives, scalability, and interoperability. The initiative aims to build a secure and stable open-source decentralized system. Along with these, the system must offer monetary incentives to maintain the peg, high throughput, and interoperability advantage.

LUNC Community Proposal Submission

A detailed whitepaper must be submitted to explain the mechanics of the USTC repeg system. Other requirements include technical documentation, security audits, economic models, and timeline.

The community-selected experts will review the submissions and shortlisted proposals will go through governance voting. The developer team will also receive support from the Terra Luna Classic community for integration, testing, and deployment.

Moreover, the community mulls further development activity after Tax2Gas implementation proposal by Genuine Labs was approved recently. It claims to boost LUNC price and the blockchain activity.

LUNC Price to Rally Amid This News?

While the news is appreciated by the community, popular developers are yet to react on the feasibility of the repeg.

LUNC price is trading near $0.000077 after felling 6% in a week. The 24-hour low and high are $0.00007652 and $0.00007782, respectively. Moreover, trading volume decreased by 33% in the last 24 hours, indicating a lack of interest among traders.

Meanwhile, USTC price also soared 3% after the initiative, with the price now trading at $0.01561. The 24-hour trading volume is down 20%. Notably, total USTC futures open interest has surged more than 3% over the 24 hours, with 5% and 10% jump on Binance and Bybit.