The Terra Luna Classic (LUNC) community has voted in favor of a proposal to fund the USTC Quant team, which aims to restore the peg of USTC, a stablecoin algorithmically backed by LUNC. The proposal, which was resubmitted after failing to pass the first time due to technical issues, received 50% of the votes from the validators.
Terra Luna Community Continues to Work Hard to Save the Coin
The USTC Quant team is a group of developers and researchers who are working on finding and burning the “zombie USTC” that is circulating in the market and causing the price of USTC to deviate from its target of $1. The team claims that they have already identified some sources of zombie USTC and have a plan to eliminate them without any additional funding.
The proposal requested 10 million LUNC from the community pool to cover the expenses of the USTC Quant team for August. The funds will be used for salaries, server costs, audits, and marketing. The proposal also promised to share regular updates and reports on the progress of the pegging process.
The approval of the proposal is seen as a positive sign for the Terra Luna Classic ecosystem, which has been struggling with low adoption and high volatility. LUNC is a fork of Terra Luna (LUNA), a blockchain platform that supports various stablecoins pegged to different fiat currencies.
The LUNC token was created in 2020 after a disagreement over the governance and direction of Terra Luna. LUNC and USTC prices have been under pressure recently due to the bearish sentiment in the crypto market and the uncertainty over the future of the project.
LUNC is currently trading at $0.000061, down 3% in the last 24 hours, while USTC is trading at $0.011, down 5%. However, some analysts believe that the approval of the proposal could boost the confidence and demand for LUNC and USTC, potentially bringing them closer to their respective targets of $1.
