There’s a buzz of anticipation in the Terra Classic Community as they officially approve a crucial proposal put forward by the USTC repeg team. This decision has sparked a wave of optimism about potential price surges for both LUNC and USTC.
Embracing the Key Proposal
The Terra Classic Community has taken a substantial step by passing Proposal 11730, also known as the “USTC/Stable Algo Quant Team.” Initially rejected due to a low voter turnout caused by technical wallet issues, the proposal was reintroduced once the Terra Station wallet was back up and running. With the necessary validator voting turnout achieved, the proposal received a 50% approval rating, surpassing the all-important “pass threshold.”
Out of the total votes, 8% were “No” votes, and 7% were “No with veto” votes. The validator with the most voting power, Allnodes, abstained, making up 35% of the votes. 50 validators took part in the governance vote, with 35 expressing their support. Prominent validators in favor of the proposal included DFLunc, Stakely, 1maxfee, TerraCVita, LUNC DAO, and StakeBin.
The Impact on LUNC and USTC Tokens
Following the US Securities and Exchange Commission’s decision to postpone the approval of all seven Bitcoin exchange-traded funds (ETFs), the broader cryptocurrency market experienced a sell-off. This led to a significant drop in the prices of both LUNC and USTC. Currently, LUNC’s trading price is $0.00006192, marking a 1.5% increase in the last 24 hours and a 22% decrease over the past month. The day’s low and high for LUNC are $0.0000612 and $0.0000644, respectively.
Similarly, USTC prices have seen a 5% decrease in the past 24 hours, with the current trading price at $0.011954. Interestingly, trading volume has witnessed a 150% surge during the same period.
Anticipation in the Ecosystem
The Terra Luna Classic community’s support of the USTC repeg team’s proposal has boosted anticipation within the ecosystem. With LUNC and USTC token price movements influenced by broader crypto market conditions, investors are keeping a close eye on developments.
For those interested in staying updated on these developments, the cryptoview.io application provides a comprehensive view of the crypto market trends.
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