LUNC Community Urges Binance to Assist in USTC Repeg Mission

USTC Quant team is looking to get major crypto platforms on board as negotiations escalate.

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  • The USTC Quant team is in negotiations with crypto exchanges.
  • The divergence fee protocol aims to restore the original USTC peg.
  • Terra Luna Classic inks 8.6% in a week, regaining $500M market cap.

The USTC Quant team has bumped into issues in the crusade to restore the malfunctioning $USTC stablecoin.

Redline Drifter, a member of the USTC Quant team, mentioned that the divergence protocol is pivotal for a sustainable USTC re-peg plan. By this mechanism, the divergence protocol charges a dynamic fee equal to the difference in price between the peg and the market value.

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In such a case, every transaction related to Terra Classic USD (USTC) would have this divergence fee, given that the $USTC traded is below or above the regular peg of $1. The USTC Quant team is negotiating with various centralized and decentralized exchanges to implement this in the crypto market. 

Redline Drifter has set up a list of the crypto exchanges that have acknowledged the divergence fee protocol proposed by the Terra Classic community.

To illustrate, Binance reported “an issue with matching engine algorithm.” However, this technical issue is already being addressed through a direct line of communication between the USTC Quant team and Binance tech support.

LUNC Rebound Rally – How Far Can It Go?

Meanwhile, the sister token of the Terra ecosystem went on a bullish breakout last week. Another 4% upsurge followed the 8.2% weekly increase in the previous 24 hours. Naturally, the latest bullish trend concerns XRP being labeled a non-security by a prominent US judge.

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Previously, Terra Luna Classic (LUNC) had been trading in a protracted descent throughout the month. At press time, $LUNC trades at $0.00008764, reaching a bi-weekly high, even though the struggling cryptocurrency is still 11.8% down monthly.

While it’s unknown how long the bullish divergence will last, it’s clear that $LUNC picked up on the positive market sentiment. Nevertheless, the upcoming developments in the USTC repeg negotiations will be crucial in determining Terra Luna’s fate.

On The Flipside

  • To get the USTC divergence protocol in full swing, the developers must agree with all of the major exchanges supporting Terra Luna tokens.
  • According to the task list, some popular crypto exchanges like Kraken and OKX haven’t even responded to the offering, making it difficult to reach a mutual agreement.

Why This Matters

The Terra Luna Classic community aims to revitalize a once-thriving network, which still has the potential to grow.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.