Terra Classic Developer L1TF To Work On USTC Repeg To $1 After Parity Upgrade – Crypto News – Crypto News
Connect with us
Terra Classic Developer L1TF To Work On USTC Repeg To $1 After Parity Upgrade Terra Classic Developer L1TF To Work On USTC Repeg To $1 After Parity Upgrade

Business

Terra Classic Developer L1TF To Work On USTC Repeg To $1 After Parity Upgrade – Crypto News

Published

2 years ago

on

Terra Classic core developer team Joint L1 Task Force (L1TF) announces plans to work on TerraClassicUSD (USTC) repeg to $1 after completing the CosmWasm v1.1.0 parity upgrade, The L1TF with work with the USTC repeg team to set up a USTC test environment to focus on building the infrastructure required to successfully repeg USTC to $1.

Terra Classic L1TF To Work With USTC Team

Joint L1 Task Force project manager LuncBurnArmy on May 23 submitted a proposal seeking authorization from the Terra Classic community to work on USTC repeg. Notably, LITF will work with the USTC repeg team after completing the CosmWasm v1.1.0 parity upgrade and implementing the 5% minimum commission forvalidators.

L1TF proposes to use its Q2 budget to set up a USTC test environment. RedlineDrifter, who is leading the USTC repeg, earlier shared concerns of some crypto exchanges regarding proper infrastructure support. There are efforts to work with the L1 team and TGF to get a list of the CEX concerns and address them.

According to the proposal, the team will identify capital controls that could have prevented the “death spiral” following the USTC depeg. In fact, the USTC repeg is part of core developer Edward Kim’s Terra Classic Revival Roadmap, The joint team will create a simulated repeg event and test passed proposals for maintaining the USTC peg.

If the proposal is passed and the USTC repeg doesn’t face any roadblocks, the L1 Task Force will mostly work on USTC repeg in Q3.

Also Read: Binance Custody Ceffu Responds To Reuter’s FUD

HappyCattyCrypto, a popular Terra Classic community member and validator, shares how the USTC test net environment will bring more benefits to the overall Terra Classic ecosystem.

LUNC and USTC to $1?

Currently, there are many developments going on to revive LUNC and USTC. It includes the successful completion of the v2.0.1 upgrade without any issues on May 17, raising the burn tax to 0.5%increasing staking rewards and community pool, and preparing the chain for AI implementations as planned by professor Edward Kim.

LUNC price currently trades at $0.000087, down 2% in the past 24hrs amid market uncertainty, The 24-hour low and high are $0.000086 and $0.000090, respectively.

Meanwhile, the USTC price is at $0.014, down 3% in the last 24 hours and 27% in a month.

Also Read: Elon Musk Asks “Not To Bet On Crypto And Dogecoin”

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending