Terra Classic core developer team Joint L1 Task Force (L1TF) announces plans to work on TerraClassicUSD (USTC) repeg to $1 after completing the CosmWasm v1.1.0 parity upgrade. The L1TF with work with the USTC repeg team to set up a USTC test environment to focus on building the infrastructure required to successfully repeg USTC to $1.
Joint L1 Task Force project manager LuncBurnArmy on May 23 submitted a proposal seeking authorization from the Terra Classic community to work on USTC repeg. Notably, LITF will work with the USTC repeg team after completing the CosmWasm v1.1.0 parity upgrade and implementing the 5% minimum commission for validators.
L1TF proposes to use its Q2 budget to set up a USTC test environment. RedlineDrifter, who is leading the USTC repeg, earlier shared concerns of some crypto exchanges regarding proper infrastructure support. There are efforts to work with the L1 team and TGF to get a list of the CEX concerns and address them.
According to the proposal, the team will identify capital controls that could have prevented the “death spiral” following the USTC depeg. In fact, the USTC repeg is part of core developer Edward Kim’s Terra Classic Revival Roadmap. The joint team will create a simulated repeg event and test passed proposals for maintaining the USTC peg.
HappyCattyCrypto, a popular Terra Classic community member and validator, shares how the USTC test net environment will bring more benefits to the overall Terra Classic ecosystem.
Currently, there are many developments going to revive LUNC and USTC. It includes the successful completion of the v2.0.1 upgrade without any issues on May 17, raising the the burn tax to 0.5% increasing staking rewards and community pool, and preparing the chain for AI implementations as planned by Professor Edward Kim.
LUNC price currently trades at $0.000087, down 2% in the past 24hrs amid market uncertainty. The 24-hour low and high are $0.000086 and $0.000090, respectively.
Meanwhile, the USTC price is at $0.014, down 3% in the last 24 hours and 27% in a month.
