- Terra Luna Classic has tripled its global market cap since last year.
- LUNC community members unanimously voted on a key proposal.
- USTC soars 400% in a month, partially restoring the original peg.
The recent switch in the crucial proposal for the Terra Luna Classic v2.3.2 has ignited another bullish wave for $LUNC. Initially, the proposal “Sequence Mismatch Issue Resolution” received 99% upvotes, while later, the developers upgraded the proposal to implement terrad client v.2.3.1.
The client is slated to enable dynamic validator commission on-chain. At the same time, this upgrade is needed to tackle the sequence mismatch issue on Terra Classic’s chain, which prevents some validators from functioning on the network. The upgrade will occur on block 15751600 and is estimated to occur on December 8, 2023.
The recent community decision positively shifted the $LUNC and $USTC price channels. LUNC emerged as the day’s top gainer, whipping up 62.2% gains in the last 24 hours. Terra Luna Classic trades at $0.0002673 at press time, according to independent price aggregator CoinGecko.
USTC Road to $1: 400% Gains Amid Terra Classic Restoration
Calibrating weekly, LUNC resurfaced in the TOP 50 by global market cap with an increase of $1 billion. Meanwhile, Terra Classic chain’s malfunctioning stablecoin Terra Classic USD (USTC) came back to life, soaring from $0.013 to $0.07 on November 27, 2023.
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Driven by Binance’s addition of two new trading pairs for USTC, the malfunctioning stablecoin’s voyage to $1 received another boost from Terra Classic Labs. The developers revealed a strategic buying strategy for USTC, starting with $500,000 at a $0.021 price.
Netting $380 million in global market capitalization, USTC reintroduced itself to the TOP 100. However, it witnessed a much more severe market correction than USTC, cumulatively collecting $1.9 billion in trading volume in the last seven days.
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At press time, USTC slumped by 9.3% in the last 24 hours and trades at $0.055, per CoinGecko. According to community discussions, Terra’s revitalization plan includes other upcoming developments like a DeFi card, which could remarkably boost adoption for USTC.
The stablecoin’s minting officially halted in September when the Terra Classic community voted to terminate USTC minting and re-minting.
On the Flipside
- The triple-digit upswing for $USTC was rumored to be influenced by MintCash UST 2.0, a crypto project claiming to be the spiritual successor of the fallen UST stablecoin.
- However, TerraForm Labs debunked any involvement in the new project, as MintCash crypto doesn’t aim to restore USTC’s $1 peg but rather to start a new algorithmic stablecoin.
Why This Matters
The 300% and 400% bull rallies for LUNC and USTC portray a ground-breaking moment for the Terra Classic community after the token’s de-pegging in May 2022.
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