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HomeNewsTerra Classic Sets the Stage: USTC Re-Peg to $1 Proposal Passes, Roadmap...

Terra Classic Sets the Stage: USTC Re-Peg to $1 Proposal Passes, Roadmap to Redemption on the Horizon

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  • The Terra Classic community has given the nod to a vital proposal aiming to facilitate the re-pegging of TerraClassicUSD (USTC) to $1, spearheaded by the L1 Team.
  • The L1 Team aims to roll out a USTC re-peg roadmap in Q3, following the development of a testing environment to evaluate conditions necessary for a successful re-peg event.

In a monumental move, the Terra Classic (LUNC) community is making strides towards bringing TerraClassicUSD (USTC) to $1, following the endorsement of a pivotal re-pegging proposal.

The proposal, forwarded by the L1 Team, aims to establish a testing milieu for assessing conditions essential for the successful re-pegging of USTC. Furthermore, the L1 Team has plans to unveil a USTC re-peg roadmap in the third quarter of the year.

A week ago, LuncBurnArmy (LBA), the Project Manager of the L1 Team, submitted Proposal 11548, shortly after the Agora text was published. This proposal’s implications extend to constructing a simulated environment that the L1 Team and other interested parties can utilize to assess the process of re-pegging USTC to the dollar.

Following the voting that concluded recently, there was an overwhelming support for the proposal with 40 out of 49 validators voting in favor, while nine chose to abstain. There were no dissenting voices. Notable validators, including Allnodes and Orion, were among those in support of the idea.

Post the collapse of the Terra ecosystem and the USTC de-peg, the community has been advocating for a plan of revitalization, inclusive of the USTC’s re-pegging to the dollar. Numerous ideas for re-pegging USTC have been ratified by the community, although none have been implemented thus far.

This latest approval of the L1 Team’s proposal signifies that a fraction of the Q2 budget will be allocated for the development of the USTC testing environment. The L1 Team and others can utilize this environment to run trials for USTC re-peg events.

The team is slated to commence the development of the testing environment following the completion of the Terra Classic mainnet upgrade to v2.1.0. This upgrade, scheduled for June 14, will harmonize the LUNC blockchain with Luna 2.0 and Cosmos networks. A proposal for this upgrade has already been set in motion by the team.

Among the re-pegging ideas to be trialed in this environment is the tax divergence protocol proposed by Redline Drifter, a LUNC community member. This development is alongside the L1 Team’s intention to prioritize USTC re-peg work in Q3, contingent on community consensus. Per the Commonwealth text, the team is aiming to establish a USTC working team and publish a concrete USTC re-peg roadmap in Q3.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628
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