Terra Luna Classic Require Market Swap For LUNC, USTC To $1

Terra Luna Classic To USTC Market Swap Importance

Terra Luna Classic community member Igor Veras has come up with a proposal to reopen the LUNC and USTC market swap. Enabling the market swap function will significantly reduce LUNC and USTC supply and help the community meet its vision of USTC repeg to $1 and Terra Luna Classic (LUNC) revival to $1.

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L1TF developer Vinh Nguyen earlier stated that the team will no longer focus on the “limiter” function as it will impact rewards, delegates, validators, and the community pool. However, Veras proposed a simple fix to this issue.

“I believe it is simple to solve, just use the limiter only in the market swap and release the mint without a limiter for the validators, delegate, and community pool.”

He has created the code and tested it test environment created by the L1TF developer team. Enabling the market swap through this method is expected to significantly increase LUNC burns. It will also help increase utility by creating pairs in Terraswap or Astroport.

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Read More: Terra Luna Classic Revotes On Crucial Proposal By USTC Repeg Team

LUNC Prices Falling Amid Low Burn Rate

LUNC burn rate has fallen since July despite Binance’s LUNC burn mechanism. Terra Luna Classic updates and parity failed to bring upside momentum and prices fell below multiple support levels.

LUNC price gave up earlier gains and currently trades at $0.000061, down nearly 5% in a week. The 24-hour low and high are $0.0000611 and $0.0000636, respectively.

Meanwhile, USTC price trades at $0.012, falling below support in the last 24 hours. However, the trading volume has increased by 30% in the past 24 hours.

Also Read:

  • Big Week For Crypto: Potential Grayscale Decision And Bitcoin ETF Approval By US SEC
  • US SEC Filing Confidential Docs In Lawsuit Against Binance And CEO “CZ”
  • BitMEX Announces Shiba Inu And BONE Perpetual Contracts Listing

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