Terra Luna Classic Proposal for USTC Incremental Repeg and Developer Support Receives Positive Community Response

Terra Luna Classic Proposal for USTC Incremental Repeg and Developer Support Receives Positive Community Response

Terra Luna Classic‘s Proposal for Incremental Repeg Modeling and Simulation of TerraClassicUSD (USTC) is Open for Voting. Initial voting indicates strong community support for the proposal and the Quant team developers, who will be responsible for achieving a USTC repeg to $1. The Joint L1 Task Force (L1TF) developer team is also set to assist the Quant team in the USTC repeg efforts.

RedlineDrifter, a member of the Quant team, took to Twitter to announce the voting for Proposal 11597, titled “USTC / Stable Algo Quant Team.” Other community members have also shared the USTC repeg proposal, recognizing its significance for the Terra Luna Classic chain.

The community pool spend proposal has garnered over 99% “Yes” votes, demonstrating strong support for the modeling and simulation of the USTC Incremental Repeg Buybacks & Staking Swaps plan. Additionally, the community has approved the proposed developers for the Quant team.

Major validators, including TCB, Coinpayu, StakeBin, Classy’s Sphere, PFC, and Lunanauts, have expressed their favor for the proposal and voted “Yes.” Although the proposal voting deadline is July 3, it appears likely to achieve a quorum before the deadline.

According to the proposal, the Quant team requires a payment of $20,000 in LUNC for the first month. The Quant team will consist of RedlineDrifter, Faffy, Alex, Bilbo Baggins, and Kyjack. Terra Classic’s core developer and professor, Edward Kim, will also contribute to the team as a volunteer, assisting with research related to AI applications in backtesting and USTC repeg.

The Quant team aims to enhance existing tools, conduct rigorous analysis, and provide valuable insights into the strengths and weaknesses of the algorithm.

Meanwhile, both the L1TF and Quant team have proposed coordination for the USTC repeg. The L1TF will work on reducing the circulating supply of LUNC and USTC in Q3.

In the last 24 hours, LUNC price has experienced a 2% decline, with the current trading price at $0.000090. The 24-hour low and high are $0.0000902 and $0.0000930, respectively. Additionally, USTC is currently trading at $0.012, showing a 1% decrease in the last 24 hours.