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USTC Price Rises 9%, Terra Classic Proposal for USTC Repeg to $1 Effective?

The price of TerraClassicUSD (USTC) is up 9% in the last 24 hours, supported by a strong increase in trading volume of over 800%. USTC currently ranks 67th in trading volume, which surprised the crypto community due to its sudden increase. Are plans for a revival of the USTC to $1 in effect?

Terra Luna Classic proposal for USTC Repeg

Proposition 12102 “The Ultimate Repeg Plan – A Community-Driven Repegging Proposal” is in the voting phase on the Terra Classic Station wallet. The goal of the proposal is to establish a resilient and community-driven mechanism that focuses on incrementally restoring and maintaining the stability of the USTC link.

The proposal is based on three mechanisms. These are: Stakers must lock in a specific amount of USTC through their LUNC delegations to fully earn their staking rewards, and Stakers must lock in additional USTC when the price of USTC drops for full staking rewards. Also, after the repeg, stakers do not need to hold the extra USTC balance to earn rewards and allow them to sell extra USTC for a profit.

The proposal did not receive many votes from the community, with 18% “yes” votes. It saw a high number of ‘no’ votes: 78.45%. Validators such as Interstellar Lounge, JESUSisLORD, Community First LUNC and others voted against the proposal, believing that the proposal has no value. While LBUN Project, StakeBin and others think the story can help rethink USTC.

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LUNC Price Watching a Similar Rally?

Analyst Javon Marks reaffirmed that a five-plus rally is possible in LUNC. It could take the price to $0.000593, which is post-Terra Classic high.

The LUNC price rose 1% in a day due to market-wide buying. The price is currently trading at $0.0001091. The 24-hour high and low are $0.0001084 and $0.0001221 respectively. Moreover, trading volume has increased by 370% in the last 24 hours.

The massive increase in trading volume in USTC and LUNC is due to buying by futures traders. Total open interest on USTC futures has skyrocketed 70% in the past 24 hours.

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