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- The LUNC community has just passed a new proposal to bolster protocol functionality.
- A series of customized updates that can boost the price of LUNC and USTC are expected.
The Terra Luna Classic (LUNC) community has passed the proposal to provide funds to the USTC Quant team for the month of August. The proposal had initially failed to receive minimum votes when the Terra Station Wallet had some issues. This led to the USTC Quant team members blaming some validators for tampering with the proposal’s outcome.
It was, however, resubmitted by the USTC repeg team. This time around, Proposal 11730 “USTC / Stable Algo Quant Team” welcomed massive validator voting turnouts, and in addition, the Station wallet is live after a few days of being down. About 50 validators were part of the governance voting and 35 of them voted in favour of the proposal. Specifically, the proposal received 50 percent “Yes” votes, and this automatically made it exceed the “pass threshold.”
It also received 8 percent “No” and 7 percent “No with veto” votes. Markedly, the validator with the most voting power Allnodes voted “Abstain”, making it 35 percent votes. Some of the validators who favored the proposal include DFLunc, Stakely, 1maxfee, TerraCVita, LUNC DAO, and StakeBin. A validator hinted at the USTC repeg team for their work through commissions. Consequently, the USTC repeg team has made plans to identify the sources of “zombie USTC” for burn without attracting any additional funding.
The Terra Luna Classic community has come together to pass another proposal dubbed Proposal 11710. This proposal advocates for the burning of an enormous 800 million USTC tokens. Nearly 85 percent of the engaged participants voiced their support, with a mere 8% choosing to abstain and 7 percent opposing the idea.
LUNC and USTC Price Outlook
Like many other tokens in the crypto ecosystem, LUNC and USTC prices have seen a significant decline in their value. The move from the United States Securities and Exchange Commission (SEC) to delay its decision on the seven spot Bitcoin (BTC) Exchange Traded Fund (ETF) applications on its desk, triggered a selloff in the broad crypto market.
At the time of this writing, LUNC was trading at $0.00006043, down by 1.19 percent in the past 34 hours and about 22 percent in a month. Its 24-hour low and high have fallen between $0.0000612 and $0.0000644, respectively. USTC has a slight revival and is now trading at $0.01209, up by 1.60 percent in the trailing 24 hours. Within this time frame, however, its trading volume went up by 150 percent.
Meanwhile, Terra Luna Classic is getting set for the v2.2.0 core upgrade. The v2.2.0 core upgrade is expected to be launched on the mainnet in September after its preparation was completed by the LUNC developer L1 Terra Classic Task Force (L1TF). Already, some collaborations have been made with some front-end and contract teams on the testnet to ensure perfect transition and backward compatibility.
With the active developer activity being recorded in the Terra ecosystem, it should not come as a surprise if the duo of LUNC and USTC retest the $1 price level in the not-too-distant future.
