The Terra Classic ecosystem has been making headlines lately with the recent surge in the price of its token, LUNC. According to Wu Blockchain, the community’s proposal to repeg the USTC stablecoin with LUNC has been approved through a signal proposal. This has sparked excitement in the Terra Classic ecosystem and could be a significant milestone for the chain.
Terra Classic was born from the loss of the peg for the original UST stablecoin in May 2022, which resulted in billions of dollars in losses and a restructure of the Terra ecosystem. The UST stablecoin has since been rebranded as USTC and is no longer part of the Terra (LUNA) chain. The Terra Classic community has been working hard to rebuild the ecosystem, and this signal proposal could be a major step forward in that direction.
It is worth noting that the signal proposal’s passing does not guarantee immediate technical changes, but it is still a positive sign for the Terra Classic ecosystem. The proposal will be discussed with the L1 team to determine the next steps.
In addition to the signal proposal, the Terra Classic V1.0.5 update has also been released. Full nodes can switch to the update on approximately February 14, 2023, at block height 11,543,150. This update is expected to bring further improvements and stability to the Terra Classic chain, further solidifying its position in the crypto market.
LUNC Taps Multi-Month High at $0.00021
In conclusion, the recent surge in LUNC’s price and the approval of the signal proposal to repeg USTC with LUNC are both positive developments for the Terra Classic ecosystem. The Terra Classic community is working hard to rebuild the former ecosystem, and these developments are steps in the right direction toward that goal.
At press time, LUNC trades at $0.00019 and is sitting on a 14% rally today. The cryptocurrency surpassed the $0.00021 high today for the first time since November 9.
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