LUNC News: Terra Luna Classic Community Supports USTC Repeg And Quant Team Proposal

Terra Luna Classic Proposal on USTC Repeg

Quant team member RedlineDrifter took to Twitter to announce that Proposal 11597 “USTC / Stable Algo Quant Team” is up for voting. Other community members also shared the USTC repeg proposal as it is one of the crucial proposals for the Terra Luna Classic chain.

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The community pool spend proposal has received over 99% “Yes” votes, indicating that the community supports the modeling and simulation for the USTC Incremental Repeg Buybacks & Staking Swaps plan. In addition, the community also approves the developers proposed for the Quant team.

Major validators including TCB, Coinpayu, StakeBin, Classy’s Sphere, PFC, and Lunanauts have favored the proposal and voted “Yes.” The proposal voting deadline is July 3, but it looks to pass a quorum before the deadline.

According to the proposal, $20000 in LUNC payment for the first month is required by the Quant team. The Quant team will include RedlineDrifter, Faffy, Alex, Bilbo Baggins, and Kyjack. Terra Classic core developer and professor Edward Kim will also contribute to the team as a volunteer, assisting with research related to AI application in backtesting and USTC repeg.

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Quant team aims to enhance an existing tool, conduct rigorous analysis, and provide valuable insights into the algorithm’s strengths and weaknesses.

Also Read: Terra Luna Classic Dev Submits Major Proposal To Boost Staking

LUNC Price Moving Sideways

Meanwhile, both the L1TF and Quant team have proposed to coordinate on the USTC repeg. The L1TF to work on reducing LUNC and USTC circulating supply in Q3.

LUNC price fell 2% in the last 24 hours, with the price currently trading at $0.000090. The 24-hour low and high are $0.0000902 and $0.0000930, respectively. Meanwhile, USTC price trades at $0.012, down 1% in the last 24 hours.

Also Read: Major Events That Will Impact Crypto Market This Week

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