TerraClassicUSD Archives - Times Tabloid

LUNC News: Major Terra Classic Recovery Proposal Enters Voting Stage

Tobi Loba — Thu, 21 Dec 2023 01:45:42 +0000

The Terra Classic community is still determined to burn the elusive 800 million USTC from the Risk Harbor multisig wallet. After a previous proposal failed to pass, a new contender, dubbed “Burn of 800m USTC Funds” (Proposal 11927), entered governance voting.

The saga began with Proposal 11913, aiming to burn the disputed USTC through a Terrad client update. However, concerns over potential legal ramifications raised by validator Lunanauts led to its demise. Undeterred, the community devised Plan B, which is the current proposal codenamed 11927.

The new proposal suggests the use of a custom contract to transfer all 800 million USTC from the infamous Risk Harbor multisig wallet to a designated burn address. This approach circumvents validators’ involvement, reducing potential legal exposure.

The burning urgency stems from Risk Harbor’s admission of losing access to the wallet’s private keys. With fund recovery out of the equation, blacklisting the wallet becomes a dead end. Burning the USTC, therefore, represents the only path forward for the community to move past this lingering burden.

This technique was proposed by Lunanauts a few days ago, and the community hopes to reduce the overall USTC supply to drive up its price with this massive token burn. This burn could also boost investor confidence and hasten the recovery of the Terra Classic Ecosystem.

Overwhelming Support from the Community

Currently, the proposal is enjoying overwhelming support, with 73.2% “Yes” votes from validators. So far, only 9.76% of validators have voted “No,” and 15.24% have chosen to abstain. Voting will end on December 27.

If over 50% of validators agree with the proposal, it will be passed and the 800 million USTC will be destroyed. However, if this proposal doesn’t pass, it will revert to the blacklist proposal 11832.

It’s worth noting that only 4.93% of the expected total votes have been cast, indicating that the proposal still has a long way to go before it is passed.

Amid the voting drama, the market reaction has been lukewarm. LUNC price dipped 3.42% in the past 24 hours, while USTC has fared better, with a 2.71% decline in 24 hours. LUNC is currently trading at $0.0001557, and USTC is trading at $0.03358.

Both cryptocurrencies have also seen huge dips in trading volume, with LUNC dropping 58.63% to $96.5 million and USTC dropping 53.86% to $30.7 million.

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Why USTC Price Moved Like Rocket Last Week

Solomon Odunayo — Sun, 03 Dec 2023 00:57:45 +0000

In a stunning display of resilience, TerraClassicUSD (USTC), the algorithmic stablecoin of the Terra ecosystem, skyrocketed by over 300% over the past. From a low of just over $0.016, USTC has jumped to $0.06761.

This meteoric rise catapulted USTC’s market cap up to $604.55 million. This massive surge brightened the hope for the stablecoin to regain its lost USD peg.

What Caused this Massive Surge?

Two key factors emerged as the driving forces behind USTC’s remarkable surge. The first was the highly anticipated listing of USTC on Binance Futures. Scheduled to go live on November 27 at 12:30 UTC, the USDⓈ-M USTC Perpetual Contract introduced traders to USTC with up to 50x leverage. This development signaled Binance’s recognition of USTC’s growing significance.

The other important catalyst was a strategic $500,000 investment spearheaded by Terra Classic Labs, who purchased 25.6 million USTC at an average price of $0.021. This purchase was revealed by Trader QT (@0x_Ears), an official partner of Luna Classic Labs on X.

He also highlighted that the strategic acquisition was performed in line with Terra Classic Labs’ Treasury Reserve Policy and is believed to have bolstered investor confidence in USTC’s potential.

USTC’s Path Back to $1

While USTC was initially designed as a stablecoin pegged to the US Dollar, the Terra ecosystem collapse and its subsequent de-pegging in 2022 made many lose hope in the stablecoin.

However, efforts to revitalize the Terra ecosystem, including proposals to safely re-enable the market module, control USTC minting, and more, further reinforce the community’s unwavering commitment to restoring USTC’s former glory.

These initiatives, coupled with the recent surge, have ignited a resurgence of optimism within the Terra Classic community, raising the possibility of USTC eventually reaching a $1 valuation. Many believe that the recent development is the start of something huge for the ecosystem.

USTC’s Resilience

USTC’s remarkable surge shows its resilience and the unwavering support of its community. With strategic investments, increased trading opportunities, and ongoing ecosystem revitalization efforts, USTC could reclaim its position as a prominent player in the crypto market.

While the path to $1 may be challenging, ChatGPT recently predicted massive gains for the LUNC ecosystem, and USTC’s recent performance has demonstrated its potential to surprise the market and achieve significant growth.

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Terra Classic Approves Key Upgrade Proposal As LUNC and USTC Brace For More Uptrend

Adedoyin Aka — Sun, 03 Dec 2023 00:30:33 +0000

The Terra Classic community has officially passed Proposal 11890, which authorizes a crucial upgrade to v2.3.2. This significant development comes as a response to a pressing technical issue that had been impeding certain validators and accounts within the network.

Following the community’s swift and unified action, the price of LUNC, the native token of Terra Classic, experienced an astounding price surge.

Resolving the Sequence Mismatch Issue

A sequence mismatch problem resulting from a recent upgrade inadvertently caused certain accounts to face difficulties when interacting with the Terra Classic blockchain.

Recognizing the urgent need for a solution, the community proposed an upgrade to v2.3.2, aimed at eliminating the sequence mismatch and restoring seamless operations for all users.

The resounding approval of Proposal 11890 serves as a testament to the unwavering commitment of the Terra Classic community to the stability and growth of the network.

With an overwhelming 100% of votes in favor, including endorsements from renowned validators such as Allnodes, Interstellar Lounge, and Interstake One, the approval of this proposal marks a significant milestone in the ongoing efforts to revitalize and strengthen the LUNC ecosystem.

Price Surge and Positive Developments

The approval of the Proposal, coupled with recent positive developments within the Terra Classic ecosystem, has ignited an extraordinary rally in the price of LUNC. Notable events include Binance’s impressive burn of 4 billion LUNC tokens and the introduction of a new USTC trading pair.

As a result, LUNC has experienced a remarkable surge of over 115% in the past month alone, with an impressive 88% gain in just the last week. This upward trajectory reflects both the resilience of the community and the growing anticipation surrounding the future of LUNC.

Promising Outlook for the LUNC Ecosystem

As the sequence mismatch issue is swiftly resolved and the unwavering support for Proposal 11890 solidifies the Terra Classic community’s dedication to network stability and growth, the future of the ecosystem shines brightly. With a series of positive developments propelling LUNC’s price recovery, stakeholders and investors can anticipate promising prospects ahead.

In conclusion, the Terra Luna Classic community’s unanimous approval of Proposal 11890, coupled with the remarkable surge in LUNC’s price, signifies a turning point in the imploded project’s trajectory.

With technical obstacles being overcome and positive developments driving its momentum, the LUNC ecosystem is poised for a prosperous future.

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We Asked ChatGPT How Long It Would Take USTC To Reach $1

Chinedu Agbakwusi — Wed, 29 Nov 2023 05:02:14 +0000

The price trajectory of TerraClassicUSD (USTC), an algorithmic stablecoin, has emerged as a hot topic for debate among crypto enthusiasts and analysts.

The usual belief among most crypto advocates has always hinged around USTC boasting the potential to attain price levels in the range of $1. However, the timeline for such price movement to play out remains unidentified.

For context, USTC is valued at approximately $0.04365. An increment to the highly speculated $1 would imply a spike of about 2,190%.

Notably, UTC’s all-time high (ATH), according to CoinGecko, was revealed to be $1.09, implying that the speculated $1 price projection is not far-fetched.

With all of the above in mind, we deemed it fit to enquire from ChatGPT, one of the leading artificial intelligence (AI) models with diverse applications, especially in crypto price analyses and predictions.

ChatGPT’s insight – Is USTC $1 Price Target Imminent?

Per the artificial intelligence chatbot, predicting a specific price target, which includes a potential timeline, has always been a highly complicated task.

ChatGPT noted that most cryptocurrency prices, including USTC, are highly unstable because of some underlying factors.

These factors were highlighted to include the interplay of market dynamics, adoption rate, technological advancements, regulatory changes, and global events.

In addition, the AI model did not downplay the roles of historical trends in offering a practical timeline for digital assets’ price trajectory.

In what sounded like a warning, ChatGPT noted that the above factors are mainly speculative and could be subject to change.

Reasons Why USTC To $1 Seems to Be Growing Stronger

Per one of our previous reports, we revealed that USTC spiked by over 390% within a three-day interval. This unusual price movement re-ignited the almost damping hope of USTC attaining significant price levels.

Notably, USTC skyrocketed to about $0.066 within the period of the 390% surge. However, based on current standings, the token appeared to have shed off most accumulated gains.

Other Relevant USTC Market Statistics

Statistics provided by CoinGecko revealed that USTC is fluctuating heavily, as evidenced by its 24-hour maximum and minimum prices, which were $0.046 and $0.0365, respectively.

The crypto asset boasts a market capitalization of $391,027,370 and a trading volume of $424,199,391. The crypto asset is currently ranked 129, implying that the token still has a long way to go to compete with the top cryptocurrencies.

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LUNC and USTC to $1? Terra Classic Passes Key Proposal As Recovery Effort Intensifies

Tobi Loba — Tue, 28 Nov 2023 04:42:43 +0000

In a move to revitalize Terra Classic (LUNC) and the ecosystem’s stablecoin USTC, the determined community has unanimously approved a pivotal proposal.

The proposal focuses on the deployment of terrad client v2.3.1 on-chain, addressing a crucial issue related to the dyncomm ante decorator and account sequence. Following this approval, LUNC and USTC saw massive price surges and trading volume, representing a favorable sentiment within the community.

Massive Community Support for Proposal 11885

The community has endorsed Proposal 11885, “Sequence Mismatch Issue Resolution,” aimed at deploying terrad client v2.3.1 on-chain. This update resolves a significant problem with the dyncomm ante decorator, particularly addressing issues related to account sequence. Despite the ongoing voting process, the proposal successfully passed within 24 hours.

Notably, the Terra Classic community approved v2.3.0 recently, introducing the dyncomm module to integrate protocol logic for determining minimum validator commissions based on voting power.

However, L1TF lead developer Vinh Nguyen highlighted a sequence mismatch affecting some validators during commission edits, and this problem resulted in restrictions from interacting with the chain for some accounts.

The overwhelming support for the proposal is evident with a 99.91% approval from the community, backed by major validators. Allnodes, Orion, Interstellar Lounge, JESUSisLORD, TerraCVita, and others make up the 33 validators who voted for the proposal.

LUNC and USTC Price Explosion

Following the successful proposal, there has been a substantial surge in the prices of LUNC and USTC. At the time of writing, LUNC is trading at $0.0001193, with a remarkable 50.29% surge in the last 24 hours. The trading volume has also seen an impressive 1113.38% to $666.75 million.

USTC saw a much larger surge of 269.12% in 24 hours. The stablecoin is trading at $0.06261, with a trading volume of $1.25 billion, representing an astounding 2167.66% surge in 24 hours.

The Terra Classic community’s prompt action in approving Proposal 11885 has instilled renewed confidence in the project, leading to a significant surge for LUNC and USTC.

Meanwhile, ChatGPT recently told LUNC holders to prepare for massive gains, and as LUNC explodes, USTC could be on its way to regaining its $1 peg.

As the Terra ecosystem continues to evolve, the question on everyone’s mind is if the ecosystem can sustain this momentum in the long run.

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Is This Massive Surge Taking USTC Straight To $1?

Adedoyin Aka — Tue, 28 Nov 2023 00:41:05 +0000

The cryptocurrency market is abuzz with the recent surge of TerraClassicUSD (USTC), an algorithmic stablecoin that has captured the attention of investors and traders.

With a remarkable 390% increase in value over the past three days, USTC has ignited speculation about its potential to reach the coveted $1 price target. Currently trading at $0.06617, USTC’s unprecedented rise has sparked optimism within the Terra Classic community.

TerraClassicUSD (USTC) Journey to Recovery

After de-pegging from the US dollar in May 2022, USTC faced a prolonged period of stagnation, with its price hovering around $0.01. However, the unwavering determination of the Terra Classic community to revive both USTC and its sister token, Terra Classic (LUNC), has paved the way for a remarkable comeback.

A pivotal moment in USTC’s resurgence came with the strategic investment by Terra Classic Labs. Trader QT, an Official Partner of Terra Classic Labs, announced that the organization has acquired 25.6 million USTC, amounting to approximately $500,000, as part of its Treasury Reserve Policy.

This significant investment, executed at an average purchase price of $0.021 per USTC, underscores Terra Classic Labs’ commitment to USTC’s recovery.

The Challenging Path to $1

While USTC’s recent rally marks a significant milestone, reaching the $1 target remains a challenging yet conceivable goal. With its current trading price, USTC must overcome a formidable 1400% increase to achieve this milestone.

Analyzing USTC’s price action reveals a crucial area of interest (AOI) at the September 2022 peak of $0.07536. This AOI could potentially act as a resistance level, posing a hurdle in the stablecoin’s journey toward $1. However, breaking through this resistance could open the doors to further upward momentum.

Community Support and Ongoing Development

The unwavering support of the Terra Classic community and their continuous efforts to enhance the Terra Classic ecosystem will play a pivotal role in USTC’s pursuit of the $1 milestone.

The community has introduced various initiatives, including burning mechanisms, inter-blockchain communication (IBC) projects, and ongoing ecosystem development, all aimed at strengthening USTC’s position in the market.

The recent surge in the USTC price, coupled with the strategic investment by Terra Classic Labs, has injected a dose of optimism into the Terra Classic ecosystem.

While the road to $1 remains long and arduous, the community’s resilience and ongoing development efforts provide a glimmer of hope for USTC’s future. As the stablecoin continues its upward trajectory, all eyes will be on its progress towards the coveted $1 price target.

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Terra Classic (LUNC) To $1? USTC Surges 165% Following This Strategic Investment

Adedoyin Aka — Mon, 27 Nov 2023 00:15:08 +0000

In a remarkable turn of events, TerraClassicUSD (USTC) has experienced an astonishing surge, skyrocketing by over 160% within a mere 24-hour period, reigniting the hope of Terra Classic (LUNC) recovery.

This meteoric rise has propelled USTC to reach new heights, surpassing all expectations at an astounding price of $0.04131, according to CoinMarketCap.

Source: CoinMarketCap

Strategic Investment by Terra Classic Labs

The catalyst behind this unprecedented breakout can be attributed to a strategic investment made by Terra Classic Labs (TCL), a pivotal organization dedicated to rejuvenating the Terra Classic ecosystem.

TCL has acquired a substantial 25.6 million USTC, amounting to approximately $500,000, with an average purchase price of $0.021 per USTC.

This strategic acquisition is in perfect alignment with TCL’s Treasury Reserve Policy, which aims to stabilize USTC’s liquidity and fortify its ongoing price recovery efforts. The investment has instilled renewed confidence among investors, igniting an unprecedented surge in the of the stablecoin.

Implications for Terra Classic (LUNC)

TerraClassicUSD (USTC) and Terra Classic (LUNC) share a symbiotic relationship, with their destinies irrevocably intertwined. As USTC’s price continues to gather momentum, it has the potential to create a ripple effect on LUNC’s price as well.

In a reflection of USTC’s remarkable ascent, LUNC has also mirrored its upward trajectory, experiencing a notable increase to reach $0.00009957. This surge in positive sentiment is underpinned by the belief that USTC’s recovery will breathe new life into the entire Terra Classic ecosystem.

Resilience of the Terra Classic Community

The ongoing rally witnessed in USTC and LUNC stands as a testament to the unwavering resilience and determination of the Terra Classic community.

Through a series of initiatives encompassing upgrades, burn mechanisms, and community governance, the community has persistently and actively worked towards restoring value to the ecosystem.

This recent surge in prices effectively underscores the support exhibited by the Terra Classic community for USTC and LUNC, demonstrating the tremendous power of collective action in shaping the trajectory of digital assets.

Revitalization Efforts and Long-Term Success

The strategic investment by Terra Classic Labs and the unwavering support of the Terra Classic community have successfully revitalized TerraClassicUSD (USTC) and Terra Classic (LUNC). Although challenges remain, the recent surge in prices suggests that the community’s efforts to revive the ecosystem are yielding tangible results.

As the Terra Classic ecosystem continues to evolve, the focus on stabilization, innovation, and community engagement will play a pivotal role in determining its long-term success.

By maintaining an unwavering commitment to these core principles, the Terra Classic community is poised to build a thriving and sustainable digital asset ecosystem that will stand the test of time.

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Terra (LUNA) Developer States What Will Precede USTC Repeg and LUNC Recovery

Solomon Odunayo — Tue, 29 Nov 2022 16:17:52 +0000

Will Chen, a Terra developer, has recently revealed what he expects to precede TerraClassicUSD (USTC) repeg and Terra Classic (LUNC) recovery.

According to Chen in a tweet on November 28, USTC repeg may be possible if the community’s efforts make significant progress or gain momentum.

The Terra developer believes any significant progress in the UST repeg efforts will aid LUNC growth as the “nonbelievers” will be surprised and more people will have the faith to join.

Chen further noted that the USTC repeg mission is the first of its kind ever attempted by a community.

Will Chen tweeted, “The USTC repeg is the first time something like this at this scale has ever been attempted by a community. Like LUNC, once the communal effort to repeg USTC makes progress / momentum that defy the odds and surprises all the non-believers, everybody will want to join in.”

It’s worth noting that several proposals have been submitted in efforts to repeg USTC, but as of press time, the details of its progress remain scanty.

Some Terra Classic community members such as Tobias Andersen, who is also a Terra developer, had proposed that the dream repeg could be achieved by attracting new businesses to the Terra Classic blockchain.

For Will Chen, the challenge remains one of arbitrage and dilution. As one user puts it, “There’s no way to undo the dilution there. It’s astronomical. a pipe dream.”

“It’s likely that the community will have to make some difficult compromise,” Chen responded. “I think the teams working on this are aware of several challenges, like the threat of arbitrage and dilution.”

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Binance Increases Support for Terra Classic, Adds USTC as A Borrowable Asset on its Loan Platform

Solomon Odunayo — Thu, 13 Oct 2022 16:09:57 +0000

Binance, the world’s largest crypto exchange by trading volume, has added Terra UST Classic (USTC) as a borrowable asset on Binance Crypto Loans.

Since the infamous implosion that took place in May, the Binance exchange has been showing support for a possible recovery of the Terra Classic ecosystem.

The exchange has implemented the 1.2% tax burn proposal and over 9 billion LUNC tokens have been taken out of the Terra Classic circulating supply by the exchange alone.

USTC Added as a Borrowable Asset on Binance Loans Platform

In an announcement today, Binance stated that Terra UST Classic (USTC) has been added to the list of digital currencies users on the platform can borrow to engage in spot and margin trading.

The announcement reads:

“Binance has added USTC as a new borrowable asset on the Binance Loans platform.”

According to the report, Binance Loans provides a large range of options for supported crypto assets, interest rates, collateral assets, and maximum loanable limits based on market conditions and internal risk management.

The crypto assets on the Binance Loans platform include Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and BUSD.

It should be noted that users are required to tender collateral in any of the supported collateral assets before users can borrow USTC and others alike.

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Old Terra Tokens Surging: Meteoric Rise in Price of LUNC and USTC to Boost Investors’ Interest –Santiment

Solomon Odunayo — Wed, 29 Jun 2022 13:14:55 +0000

According to the popular crypto analytics platform Santiment, the relatively abandoned tokens of Terra blockchain, Terra Classic (LUNC), and the algorithmic stablecoin TerraClassicUSD (USTC), may soon start to gain investors’ interest following the recent outstanding performance displayed by the duo.

It can be recalled that the two digital tokens became less important to Do Kwon and Terra team following the airdrop of the new token, LUNA 2.0, which was purportedly created to save investors after the crash of LUNC and USTC.

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Despite the discouragement that came from Kwon, who believes that plans to burn LUNC may end up being a wasted effort, some investors believe that the abandoned token could still be revived.

Proposals to burn tons of LUNC tokens were launched. The response of the Terra community members to the proposals indicates that lots of Terra investors are not pleased with the new chain launched by the team.

LUNC and USTC Performance to Boost Investors’ Interest

In a recent tweet, the analytics firm Santiment referenced the recent price rise printed by Terra Classic (LUNC) and TerraClassicUSD (USTC).

According to Santiment, the over 107% and over 320% increase in the prices of LUNC and USTC, respectively, within the last 55 hours could serve as a major catalyst to bring investors back to the embattled ecosystem.

Santiment tweet tweeted, “TerraClassic and TerraClassicUSD have been all but abandoned by the crypto community over the past 2-4 months. However, LUNC‘s +107% and $USTC‘s +320% respective rises in the past 55 hours are something that may merit increased attention soon.”

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