The price of Terra Luna Classic's stablecoin, USTC, has increased by 9% after a community vote on a proposal to reestablish the token's peg to $1. This proposal is aimed at using a community-driven approach to ensure the stability of the USTC peg. Additionally, the price of LUNC, the native token of Terra Luna Classic, also saw a 1% increase.
USTC Price Increase
USTC has experienced a 9% price surge in the past 24 hours, accompanied by a significant rise in trading volume of over 800%. This surge has positioned USTC at the 67th spot in terms of trading volume, surprising the crypto community with its sudden growth. Could this be attributed to the initiative to bring USTC back to $1?
Terra Luna Classic's Proposal for USTC Repeg
Currently, Proposal 12102, titled "The Ultimate Repeg Plan – A Community-Driven Repegging Proposal," is in the voting phase on the Terra Classic Station wallet. The main objective of this proposal is to establish a robust, community-led mechanism that will gradually restore and maintain the stability of the USTC peg.
Community Feedback on the Proposal
So far, the community response to the proposal has been limited, with only 18% of votes in favor. A considerable number of voters have opted for "No" votes, indicating...
