- Terra Luna Classic (LUNC) dropped significantly in the last two weeks.
- USTC Quant Team posted an update addressing trust issues.
- The community is voting on proposal #11597 for USTC repeg.
Two weeks after the struggling Terra Classic blockchain reached parity with the other Cosmos blockchains, the successful implementation of Cosmwasm V 2.1.0 has not positively impacted the altcoin’s price.
This week, prominent Terra Classic member Redline Drifter has joined forces with the LUNC Layer-1 Joint Task Force (L1JTF) to put up proposal #11597 and refute claims about the deceptive conduct of Terra’s developers, which are often targeted on Twitter, as the community division reached the highest point last week.
Referencing to that, Redline Drifter, the author of the USTC repeg proposal, refuted statements made by other Terra Classic community members about allegedly leaked information.
Leaked Sensitive Information or Misunderstanding?
The controversy revolves around the already passed USTC repeg via staking vault proposal #11487. The Layer-1 Joint Task Force Team was actively communicating with the major crypto exchanges, but one of them ran into technical issues implementing the USTC repeg proposal into their ecosystem.
As this happened, LuncBurnArmy, another known member of the Terra Classic community, allegedly leaked confidential information to this exchange, which could also seriously endanger the whole Terra Classic USD (USTC) repeg effort, according to the long post by Redline Drifter.
While LuncBurnArmy hasn’t commented on these allegations, other Terra Classic community members indicate trust issues with ReXx, making them vote “No with Veto” on the new proposal #11597. However, ReXx stated he’s “no longer assisting with this initiative.”
At press time, Terra Classic USD (USTC) trades at $0.012, according to CoinGecko. Things aren’t looking better for the malfunctioned stablecoin’s sister token Terra Luna Classic (LUNC). Currently, $LUNC trades at $0.00008762, reaching its lowest point after the Terra Classic chain reached full parity with Luna 2.0 and other Cosmos-based blockchains.
On The Flipside
- Quite a few prominent members of the LUNC community are strongly opposed to the plan made up by the USTC Quant Team, including the former Terra developer Tobias Andresen, who remarked that “If you proceed with the current plan you will destroy whatever credibility remains for the token.”
Why This Matters
The Terra Classic community seeks to revive a malfunctioned stablecoin to revitalize a once-thriving blockchain.
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