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LUNC, the native token of Terra Classic chain, suddenly jumped 13% as the proposal to repeg UST passed.
At the time of publication, LUNC was up 13.30% in the last 24 hours and up 14.40% in the past week. The token currently trades at $0.000194.
Wu Blockchain reports that "the signal proposal to re-peg with UST proposed by the LUNC community has passed. Signal proposals do not represent immediate technical consequences. The proposer said that after the voting is completed, he will discuss with the L1 team how to proceed.''
The Signal proposal to re-peg with UST proposed by the LUNC community has passed. Signal proposals do not represent immediate technical consequences. The proposer said that after the voting is completed, he will discuss with the L1 team how to proceed. https://t.co/We9ATUVcpi
— Wu Blockchain (@WuBlockchain) February 3, 2023
The original UST stablecoin lost its peg to the dollar in May 2022, pulling down the Terra ecosystem. Subsequently, a new Terra chain was born, named Terra (LUNA), while the old chain was rebranded Terra Classic with tokens LUNC and USTC.
The UST stablecoin has been rebranded as USTC, and the new chain is devoid of the stablecoin. With billions of dollars in losses, the Terra Classic community has been working hard to mend the broken pieces of its former ecosystem.
The idea of repegging USTC to LUNC started last year in October when Alex Forshaw, Edward Kim and Maximilian Bryan, members of the Terra Classic community, proposed an idea to restructure Terra Classic's USTC through the creation of an algorithmic fungible token, USTN.
Unfortunately, this did not fly. Other proposals to repeg USTC also surfaced but met the same fate.
Other milestones
The signal proposal's passing might be a significant milestone for the blockchain, hence the LUNC price reaction. In other positive news for the Terra Classic chain, the update for Terra Classic V1.0.5 has been released.
Full nodes would be able to switch to the update at block height 11,543,150, which will occur on approximately Feb. 14, 2023.
As reported earlier, crypto exchange Binance announced changes, saying it would be burning 50% of the LUNC spot and margin trading fees instead of 100%.
The seventh batch of LUNC trading fees to be burned will be calculated from Nov. 30 to Feb. 27, 2023, and will be burned on March 1, 2023.
Gamza Khanzadaev
Godfrey Benjamin
