The de-pegging of Terra ecosystem’s logarithmic stablecoin UST and the collapse of the sister tokens LUNA-UST wiped out $41 billion from the crypto ecosystem. The Terra community is still reeling from the aftermath of the event and recently passed a proposal to link Luna Classic LUNC (formerly LUNA) and the stablecoin USTC.
The Terra Classic community has passed the proposal to “relink LUNC with UST”. This proposal is a signal proposal and it describes an operational framework for the Luna Classic (LUNC) community to rebind Terra Classic USD (USTC) from the code level, consensus level and guidelines, with the ultimate goal of restoring the value lost in the May 2022 “decoupling” event.
Terra shook the crypto industry in 2022 with its high-profile collapse. One which had co-founder, Do Kwon, on the want list of Korean agencies.
