• USTC Quant team is negotiating with crypto exchanges to restore the original USTC peg using the divergence fee protocol.
• Binance tech support is addressing technical issues related to implementing this protocol.
• Terra Luna Classic (LUNC) had a bullish breakout last week due to positive market sentiment.
USTC Repeg Negotiations
The USTC Quant team is in negotiations with crypto exchanges to restore the malfunctioning $USTC stablecoin peg using the divergence fee protocol. This mechanism charges a dynamic fee equal to the difference in price between the peg and the market value for every transaction related to Terra Classic USD (USTC). The Quant team has a list of exchanges that have acknowledged this proposed protocol, including Binance which reported “an issue with matching engine algorithm”. However, this issue is being addressed through direct communication between the USTC Quant team and Binance tech support.
LUNC Rebound Rally
The sister token of the Terra ecosystem, Terra Luna Classic (LUNC), had been trading in a protracted descent throughout the month until it saw a bullish breakout last week. LUNC surged 8.6% in one week and reached a bi-weekly high of $0.00008764, although it’s still down 11.8% monthly at press time. This surge was likely due to positive market sentiment following XRP being labeled a non-security by a prominent US judge.
USTC Peg Restoration
Restoring the original USTC peg requires successful negotiation between exchanges and implementation of the divergence fee protocol mentioned above. The success of these negotiations will be crucial in determining how far LUNC can go on its rebound rally before meeting resistance again as well as influencing other cryptocurrencies on their recovery journey from bearish trends over recent months.
Reaction From Community
The community has urged Binance to assist with restoring the peg through use of its technical capabilities and resources available within its platform . Additionally, members have expressed their support for repegging $USTC via social media platforms such as Twitter .
Overall, if successful negotiations lead to implementation of the divergence fee protocol by crypto exchanges , then it could potentially help restore confidence in both $USTC and $LUNC tokens by providing stability against bearish trends that have affected them over recent months . It remains to be seen whether these efforts will come into fruition or not but either way they demonstrate an important attempt at improving market conditions for users across various digital asset ecosystems .