LUNC, the native token of the Terra Classic network, has suddenly jumped 13% following a new recommendation accepted by the community. The proposal is related to the network’s attempt to re-fix USTC, its former algorithmic stablecoin.
The coin has made it to the $0.0002 price zone for the first time since the FTX boom last November. LUNC rallied as high as $0.0002082 with a 13% price increase within an hour.
Wu Blockchain said that the proposal passed. reported. It is also reported that the bidder will discuss progress on the proposal with the tier-1 team after the voting is complete.
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
NEWS CONTINUES BELOW— Wu Blockchain (@WuBlockchain) February 3, 2023
The original UST stablecoin lost its stable value against the dollar in May 2022, crashing the Terra ecosystem. Then, a new Terra network was born, named Terra (LUNA), and the old network was rebranded as Terra Classic with LUNC and USTC tokens.
The UST stablecoin has been relaunched as USTC and there are no stablecoins on the new network. The Terra Classic community, which has lost billions of dollars, is working hard to reinvigorate the old ecosystem. Alongside these, TerraClassicUSD (USTC) recorded another impressive rally, up 50% in the last 24 hours.
The passing of this proposal could be an important milestone for the network. The Terra community showed high levels of excitement as the ultimate goal of the proposal was to restore the fixed value of USTC. Hence, the popular coin LUNC responded positively to the development. Another positive news for the network is that the Terra Classic V1.0.5 update has been released.
You can follow the current price action here.
Source : the crypto basic