Terra Classic (LUNC) cryptocurrency recommended by the community of USTC On the Signal proposal for a $1 re-peg, the vote is largely in the direction of acceptance.
At the time of this writing, 76% of users voted yes, 12% no, 11% abstained and 0.11% voted no with a veto. Voting will end on February 6th.
What Are the Details of the Community’s USTC Voting?
According to the discussions on the official website published by the proposal, the proposal and its purpose are defined as follows:
“This proposal outlines a plan for the LUNC Community to re-fix the impacted USTC stablecoin from May 2022.
The plan includes modifying the Luna Exchange Rate with a fee, using the Exchange Rate Modifier (ERM) class, and applying Greeks (price sensitivity measures) to prevent the price from getting out of control. The ultimate goal is to recover the value lost in the de-peg while streamlining the LUNC combustion processes.”
Signal recommendations do not have direct technical implications. The bidder said he would discuss with the L1 team how to proceed once the voting is complete.
The continuation of the re-peg offer in question was detailed on the official website as follows:
“This is a Signal proposal for the Ziggy USTC re-peg action plan, an update to the coin algorithm for Terra (USTC et al) using a code injection known as the Exchange Rate Modifier (ERM).
Voting for this Signal proposal will improve ERM; It indicates your agreement to participate in the work outlined to re-regulate USTC, which includes, but is not limited to, obtaining consensus from developers, CEXs, and other blockchain markets, and testing, modifying, and iterating the process as necessary.”
*Not investment advice.
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