The proposer, Duncan Day, will dialogue with the Terra Classic Joint Layer 1 (L1) Task Force on how to execute the numerous action plans outlined in the Signal proposal to re-peg USTC, a Twitter update from Wu Blockchain disclosed.
According to the Friday tweet, the TerraClassicUSD (USTC) re-peg proposal (Prop 11324), authored by the Onyx Validator manager Duncan Day, passed governance voting a couple of hours ago.
Consequently, the Terra Classic community demonstrated a high level of excitement as the end goal of the proposal is to recover the value lost after USTC de-pegged in May.
Very importantly, the execution of the plans outlined in proposal 11324 would facilitate the LUNC burn expedition as stated by Day. In turn, the period to achieve a 10 billion total supply for Terra Classic could be lessened.
But the immediate ripple effect of this latest development was noticed in the price surge of LUNC and USTC. At the time of writing, both assets posted double-digit gains shortly after proposal 11324 scaled through. In the last 24 hours, LUNC and USTC prices have increased by over 11% and 50% respectively at press time.
LUNC is currently trading for $0.0001927 while the supposed stablecoin TerraClassicUSD is exchanging for $0.038 per coin, at the time of writing.
USTC Re-peg Signal proposal
Notably, Prop 11324 which was submitted in late January by the Terra Classic enthusiast is a Signal proposal for the Ziggy USTC re-peg action plan that seeks to upgrade the Terra blockchain algorithm using a code addition known as Exchange Rate Modifier.
In the proposal, Duncan Day presented an actionable framework for the Terra Classic developers to re-peg USTC from a code level, and consensus level (both technical and social), outlining the exact guidelines to enact the action plans.
With the aid of the Terra Classic community development team known as the Joint L1 Task Force, the lofty recommendations brought forward by Duncan Day to re-peg USTC and concurrently boost the value of LUNC would be executed.
The Friday announcement read, “The Signal proposal to re-peg with UST proposed by the LUNC community has passed. Signal proposals do not represent immediate technical consequences. The proposer said that after the voting is completed, he will discuss with the L1 team how to proceed.”
The Signal proposal to re-peg with UST proposed by the LUNC community has passed. Signal proposals do not represent immediate technical consequences. The proposer said that after the voting is completed, he will discuss with the L1 team how to proceed. https://t.co/We9ATUVcpi
— Wu Blockchain (@WuBlockchain) February 3, 2023
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