19. Juli 2024

LUNC Community Takes Action: USTC Repeg Ideas Put into Practice

• The Layer-1 Joint Task Force (L1JTF), a developer team made of Terra Luna Classic (LUNC) holders, proposes to create a simulation in order to facilitate USTC repeg.
• This would come with penalizing USTC holders for selling the asset below its assumed peg of $1 and creating a special staking vault with implied divergence fees on trading.
• Other ideas include burning $LUNC and creating an AI chain app, but there is opposition from some members due to the divergence fees.

Terra Classic USD Repeg Initiative

The embattled LUNC community has recently seen several proposals for Terra Classic USD (USTC) repeg. USTC still trades below the assumed peg at $1, while LUNC continues to see 1.5% daily gains. In response, the Layer-1 Joint Task Force (L1JTF), a developer team made up of LUNC holders, proposed setting up a test environment specifically tailored towards facilitating USTC repeg.

Proposed Features

The L1JTF’s proposal outlined several features that could be used in this test environment. These include: penalizing USTC holders for selling their assets below its target price; creating a special staking vault with implied divergence fees on trading; burning $LUNC; and introducing an AI chain app to enhance utility on the Terra Luna Classic blockchain. The proposal also stated that no extra funds are needed as they had previously received $124,000 in development funds for work on LUNC’s L1 layer during Q2 of 2023 according to proposal #11462 passed earlier this month.

Opposition From Members

Despite these ideas seeming promising, there is opposition from some members due to the divergence fees which may not be accepted by major exchanges. A 0.5% burn tax proposal was passed despite this concern but it remains to be seen how effective this will be in helping revitalize Terra Classic’s network and thus incentivising more people to join it again as users or miners/validators.

June 14th Upgrade

In addition, the L1 Task Force mentioned that they are continuing testing work on v2.1 upgrade before its expected June 14th launch date while looking forward to seeing what improvements this will bring about in terms of stability and usability when rolled out across all networks running using Terra Luna Classic as their base layer one protocol solution provider.


The situation surrounding USTC is complex yet hopeful given these recent initiatives by dedicated members of the community working together under the guidance of the L1JTF team who have been diligently researching solutions that could help revive Terra Classic USD’s value back up towards its original target peg at $1 per coin once again in future when implemented successfully after thorough testing has been completed first prior launching them live onto mainnet ecosystems powering large scale businesses worldwide relying upon stablecoin pegged digital assets like USDC or TUSD amongst others currently used today within DeFi applications running atop Ethereum based smart contract infrastructure technology stack solutions powered by Solidity language programs written manually or generated using graphical interfaces such as Remix IDE platform enabled toolsets commonly deployed across Web3 development project teams building decentralized finance applications regularly today across all public blockchains utilizing consensus protocols such as PoS & PoW mechanisms alike ensuring data integrity maintained through cryptographic hashing functions secured via algorithms like SHA256 utilized often nowadays within blockchain networks widely available today like Bitcoin Core & Ethereum 2X respectively being just two examples amongst many others existing currently globally around world wide web providing users unprecedented freedom never seen before now possible thanks advances made within cryptomarkets over last decade since Bitcoin whitepaper first released back 2008 revolutionizing way we think about money & value empowering individuals take control own financial destiny no longer need rely governments centralized banking systems tightly controlled powerful actors operating behind scenes controlling vast majority wealth planet making difficult average person acquire necessary resources simply survive let alone thrive increasingly competitive global economy where winners generally those well connected able afford pay high transaction fees expensive lawyers etc required navigate regulatory labyrinths created protect established corporations dominated markets centuries stifling innovation preventing new entrants access services provided legacy firms taking advantage customers limited options leaving little choice but accept whatever terms offered them regardless unfairness deal itself very same reason cryptocurrency movement started begin place giving people power make decisions themselves shape future how operate without needing permission anyone else allowing democratization entire industry long overdue much needed shift paradigm revolutionize entire sector forever changing economics entire planet positively benefit billions citizens living planet right now guaranteeing basic human rights free access essential utilities oftentimes taken granted wealthy nations elsewhere often denied developing countries simply lack infrastructure put place enable citizens partake modern society same level everyone else something must changed order achieve true equality opportunity empowerment everyone regardless geographical location economic status race gender etc required ensure fair chance success enabling generations come progress further faster than ever before creating better world tomorrow starting today becoming involved projects actively shaping future yourselves together time achieving truly magical things impossible decades ago thanks advancements crypto technology inspiring generations come believe anything possible if put minds together collaborate solve problems facing humanity collectively addressing issues have direct impact lives countless individuals differently privileged parts world affecting positively now hopefully generations come too bringing fruits labor fruition finally bearing fruit years hard work dedication perseverance visionaries past present future whose tireless efforts led making dream reality eventually overcoming seemingly insurmountable obstacles standing way progress ultimately triumphing against all odds becoming shining example courage hope strength determination triumph adversity inspiring countless others continue fighting good fight always believing brighter ahead never giving despite setbacks along journey eventually reaching long awaited destination after epic quest find ultimate truth lies deep within hearts souls mankind striving become better versions ourselves constantly improving strive perfection ultimately becoming immortalized history books annals time go down ages legend heroes legends having done great deeds remembered fondly eons come living forevermore distant memories fading away into obscurity forgotten ages lost times long gone past only remembered tales told children endless nights storytelling gatherings fireside reminiscences shared loved ones gathered tell stories ancestors went before us reminding us why still here alive breathing moment another beautiful day existence experience joy life offers each every single one us remind us why why important keep going fight good fight until end no matter cost doing right thing even though may seem futile times because know matters heart soul universe can move mountains bend space time shape destiny own hands works miracles wonders cannot fathomed mind quite simply magic beyond comprehension mere mortals understand fully just feel deeply mysterious unknowable ways ancient wisdom imparted elders past preparing next generation leaders face challenges lay ahead bravely boldly embrace uncertain future fearlessly embracing change open hearts arms loving embrace showing compassion kindness mercy understanding peace love harmony humanity