- Vegas Morph’s plan proposes repegging USTC to $1, driving a 15% rise in LUNC’s price.
- Key elements include a 20% fee burn, Oracle Pool, and limits on liquidity to stabilize USTC.
- Community support and recent upgrades, like token burns, boost Terra Luna Classic’s market sentiment.
In a recent Terra Luna Classic ecosystem development, validator Vegas Morph has proposed a bold plan to repeg USTC to $1. This proposal has generated significant excitement among the community, contributing to a notable 15% surge in LUNC’s price over the past week.
Vegas Morph, a well-known Terra Luna Classic network figure, detailed his repeg strategy in a Medium post. His plan involves several key modifications to stabilize USTC’s value.
Central to this proposal is integrating an oracle module, which will supply real-time price feeds for USTC. This real-time data is crucial for maintaining the peg and ensuring stability.
The proposal outlines a multi-faceted approach to achieve the repeg. A 20% fee burn and another 20% allocation to an Oracle Pool are suggested. The remaining 60% would be designated to a pool that maintains the peg.
Additionally, Morph emphasizes the need for limits on the virtual liquidity pool size and proposes the introduction of multiple pools with conditional activation steps. These measures aim to prevent excessive minting of tokens, which could destabilize USTC’s value.
Moreover, the proposal includes a mechanism for controlling the token supply. Developers are advised to impose a hard cap on the supplies of LUNC and USTC and implement a kill switch for the module to ensure quick deactivation if needed.
The community has responded positively to the proposal, with notable figures such as RedlineDrifter from the Quant USTC repeg team expressing support. RedlineDrifter has urged the Terra Luna Classic community to review and consider the plan thoroughly.
In addition to the repeg proposal, recent developments like token burns by Terraform Labs, the Tax2Gas upgrade, and ongoing security updates have bolstered bullish sentiment in the Terra Luna Classic ecosystem.
These factors, combined with the excitement around the repeg plan, have driven LUNC’s price to new heights, reaching the $0.00009 level.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
