Greed

Terra Classic

April

Terra

Propel

<ul> 
 <li>The Terra Luna Classic community is working to restore the value of its stablecoin, USTC, to $1 peg.</li> 
 <li>In addition, the Terra Luna Classic community is contemplating raising the tax burn rate from 0.5% to 1.5%.</li> 
</ul> 
Terra Luna Classic is going the extra mile in efforts to restore its stablecoin USTC to its original $1 peg. Redemption awaits, as this step would be significant for the Terra Luna Classic ecosystem, which has since faced challenges following the de-pegging incident that led to a massive loss of value. 
The Terra Luna Community has initiated talks to develop a comprehensive system to restore the USTC $1 peg. As per our <a href="https://www.crypto-news-flash.com/lunc-news-1m-developer-bounty-announced-as-terra-luna-classic-advances-ustc-repeg/#:~:text=The%20Terra%20Luna%20Classic%20community,future%20rewards%20exceeding%20%241%20million." target="_blank" rel="noopener">earlier report</a>, the recent bounty announced for developers has proven the growing urgency to revive LUNC and reestablish its stablecoin. To supercharge the development of this system, the community announced a $250,000 bounty, with the latter potentially moving the stake to over $1 million.&nbsp; 
Wary of the past, they’re looking for a lasting pact. The LUNC community wants to create a robust, decentralized, and secure system to maintain USTC’s peg to the USD, avoiding the pitfalls that led to the previous de-pegging.&nbsp; 
Following the proposed opening, developers will be required to present detailed whitepapers for consideration. Selected proposals will, after that, undergo a community review process followed by a governance vote. Though the idea has faced some negative feedback on social media, <a href="https://x.com/NB_CRYPT0/status/1824389784661360785" target="_blank" rel="nofollow noopener">NB-Crypto</a> highlighted that the system must ensure, stability, security, transparency, decentralization, and scalability. 
Following the announcement, optimism has been ignited. At the time of writing, LUNC is <a href="https://www.crypto-news-flash.com/marketcap/" target="_blank" rel="noopener">swapping hands </a>with $0.00007848, marking a 1.56% surge in the last 24 hours. This has led to a $14 million trading volume in the last 24 hours, leaving LUNC’s market cap at the $426,809,316 mark. 
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 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="terra-luna" data-symbol="LUNC" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
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LUNC’s circulating supply also stands at 5.79 trillion LUNC, with a maximum supply of 6.88 trillion LUNC. Notably, the annual supply inflation rate is -0.31%, meaning that 17.87 billion LUNC have been removed from circulation in the past year.&nbsp; 
Reminiscing, Terra Classic reached an all-time high of $119.01 in early April 2022 but plummeted to an all-time low of $0.00001651 just a month later. Since then, LUNC has achieved the highest price of $0.00059, while the lowest was $0.00001651.In addition to the current sentiment surrounding Terra Classic being neutral, the Fear &amp; Greed Index is standing at 31, indicating a state of Fear. 
To revitalize LUNC’s potential, the Terra Luna Classic community is contemplating raising the tax burn rate from 0.5% to 1.5%. This proposal was brought forward by Terra Classic validator JesusisLord, who seeks to increase the on-chain tax rate. According to a <a href="https://www.crypto-news-flash.com/terra-luna-classic-contemplates-increasing-burn-tax-to-1-5-could-it-revive-token-prices/" target="_blank" rel="noopener">recent CNF report</a>, the proposed change would keep the burn tax rate current until the total LUNC supply reaches 10 billion tokens, a threshold established during the initial burn tax mechanism integration.

Terra Luna Classic Takes Steps to Repeg USTC: Can This Propel LUNC Price to New Heights?

Crypto News Flash

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