The Terra Luna Classic turned down a proposal to urge the L1 Terra Classic Task Force (L1TF) core development team to test market swap with a limiter. LUNC and USTC market swap function was disabled after the 2022 Terra-LUNA crisis and can help repeg USTC and revive LUNC price to $1. However, L1TF and Quant developer teams believe switching it back on at this time is not resourceful.
Terra Luna Classic Proposal To Revive LUNC and USTC Fails
Proposal 11767 “Test market swap with mint limiter” aims to make the L1TF test using the limiter in the market swap only, which will successfully reopen the LUNC and USTC market swap. Terra Luna Classic community 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.
However, the USTC Quant Team and L1 Terra Classic Task Force denied the benefits of testing using the limiter in the market swap only at this time. Quant team member RedlineDrifter earlier shared several issues with the market module. It caused Allnodes, a validator with 17.25% of voting power to refuse the proposal.
The proposal has received only 45% “Yes” votes, but gets 50%”No” and 5% “Abstain” votes. Among 38 validators who voted, 17 including Interstellar Lounge, Stakely, JESUSisLORD, and TerraCVita favor the proposal. Meanwhile, 17 validators including Allnodes, HappyCattyCrypto, and TCB rejected the proposal. Thus, the proposal fails to surpass the “pass threshold.”
LUNC and USTC Falls
LUNC price fell 5% in the past 24 hours, with the price currently trading at $0.000056. The 24-hour low and high are $0.0000565 and $0.0000605, respectively.
Meanwhile, USTC price trades at $0.012, down more than 7% in the past 24 hours. The 24-hour low and high are $0.0119 and $0.0132, respectively.
Altcoins are witnessing a selloff and major crypto Ethereum, XRP, Solana, Dogecoin, Shiba Inu, and others fell suddenly. Meanwhile, Bitcoin slid only 0.30% in the last 24 hours, but risks falling due to death cross pattern formation.
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