Terra Classic Team Plans To Revive USTC Price To $1 Peg
- Terra Classic development teams are collaborating to revive the ecosystem through efforts such as USTC repeg and working with cryptocurrency exchanges.
- Concerns have been raised about professionalism and maturity within the Terra Luna Classic community.
- The Joint L1 Task Force has agreed to work on USTC repeg to improve and accelerate the supply reduction of LUNC and USTC.
Terra Classic’s main development teams put things right so that the Terra Classic ecosystem may be revived.
On June 23, ex-Terra Rebels and Quant team member RedlineDrifter came to Twitter to address the situation around USTC repeg and the Joint L1 Task Force disclosing private information.
The development teams will once again collaborate to persuade crypto exchanges to support USTC repeg efforts. The developers agree with the Terra Luna Classic community that the USTC repeg will aid in the restoration of the LUNC ecosystem.
He said that the team contacted major cryptocurrency exchanges via Professor Edward Kim’s Terra Grants Foundation and reXx. In reality, most exchanges supported Proposal 11487 “USTC Incremental Repeg, Buybacks, Staking, Swaps.”
Although the community supports USTC repeg’s efforts to revitalize the Terra Luna Classic ecology, some members have expressed concern about a lack of professionalism and maturity.
Because of their engagement in Terra Classic development, the centralized correspondence citing technical difficulties to support the plan were shared with L1TF project manager LuncBurnArmy. RedlineDrifter alleges that the knowledge was only known to reXx, LuncBurnArmy, and him. LuncBurnArmy, on the other hand, has denied disclosing sensitive material.
“We were still in talks and they’ve made it clear that they have not closed the door on the proposal. Regretfully, LBA decided to circumvent the usual lines of communication, and he leaked confidential information.”
Meanwhile, L1TF has agreed to work on USTC repeg in order to improve and accelerate LUNC and USTC supply reduction, as revealed in their amended Q3 plan.
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