Terra Classic Recent Efforts Could Benefit LUNC’s Growth Potential

Name	Symbol	Market	Market Cap ($)	Algorithm
SHIBA INU	SHIBUSD	Crypto	11,196,336,592	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

SHIBA INU

SHIBUSD

Crypto

11,196,336,592

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	0.000019	0.000019	0.000019

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

0.000019

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.00002	0.000018	0.00002	0.000019	0.00000662 - 0.000048

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.00002

0.000018

0.00002

0.000019

0.00000662 - 0.000048

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	20:01:24	1,491,671.00	0.000019	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

20:01:24

1,491,671.00

0.000019

USD

Price x Volume	Volume	Base Symbol	Related Pairs
50,145,321.24	181,518,985,559.32	SHIB	SHIBEUR	SHIBGBP	SHIBBTC

Price x Volume

Volume

Base Symbol

Related Pairs

50,145,321.24

181,518,985,559.32

Terra Classic Recent Efforts Could Benefit LUNC’s Growth Potential

28/04/2023 11:30am

NEWSBTC

Terra Classic has been doing extensive clean-up work following the Terraport hack which shook the foundation of the ecosystem. This even led to the de-peg of the ecosystem’s stablecoin, USTC, leading to another catalyst for the bears to exploit. Despite this, Terra Classic is putting in the work to re-anchor USTC to the US dollar. Recently, a proposal hit the community which could potentially fix the stablecoin situation. Proposal 11487, titled USTC Incremental Repeg, Buybacks, Staking, Swaps, aims to fix the problem through a series of steps that would ensure the stability of the stablecoin. Related Reading: Shiba Inu Whales Unload Billions Amid SHIB Price Retreat A Proposal To Fix USTC Fundamentals According to the Agora post dedicated to the proposal, two systems would be implemented if the proposal was accepted by the community, namely the Divergence Protocol and Protocol Buybacks. The Divergence protocol aims to work by penalizing sellers that sell the USTC below the current market price. For example, if the seller creates an order to sell USTC at $0.95, he will only get $0.90 in profit as the Divergence fee will be deducted from the transaction. RedlineDrifter, the mind behind the proposal, also said that the “protocol would be implemented across all USTC trading pairs both on and off-chain but not on regular blockchain transactions.” This means only trading activity will experience this system and not everyday transactions. The Divergence fee would then be used in the protocol buyback system that would automatically buy back USTC to defend the token’s peg to the US dollar. Proposal 11487 #USTC Repeg is close to pass.👀#LUNC #LUNCCcommunity #Crypto pic.twitter.com/dcvtH7bw36 #LUNC — LUNC (@w4kWpWPuDT6CeKG) April 27, 2023 Terra Classic: How Did The Community React? The proposal was met with a hugely positive outlook by the community. According to a recent tweet, 41.87% voted yes with 49.05% abstained. Only 9.06% voted against the proposal. In the context of LUNC, the hype surrounding the re-peg proposal has been limited. LUNC market cap at $693 million on the daily chart at TradingView.com Related Reading: Why Coinbase CEO Believes SEC’s Crypto Warning Is Harmful To The US According to CoinGecko, the token’s price only increased by nearly 2% in the past 24 hours. The other timeframes also show a strong bearishness still present on the market for LUNC. CoinGlass data also shows that the bulls only have a slight advantage over the bears. At the time of writing, the proposal seems to be on the path to being accepted. If the proposal ever gets implemented, it could lead to the possible re-pegging of USTC, bolstering investor sentiment after the disastrous Terraport hack. Proposal #11487 for #USTC Repeg is passing & I’m happy that atleast Validators voted on it to show good gesture.#LUNCcommunity we need help of all CEXs to Repeg $USTC because it’s huge supplies need huge amount to repeg it. RT & Follow.#LUNC #LUNCBURN #LUNCARMY #LUNA #USTC — Saqlain Ali (@SaqlainAli888) April 28, 2023 Along with the decision of South Korean authorities to not consider LUNC as a security, this would help the ecosystem by increasing demand for the crypto. -Featured image from The Daily Hodl

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