Terra Classic (LUNC) Announces Crazy Plan: Will Make Its Mark on the Industry!

Terra Classic (LUNC) has managed to challenge the cryptocurrency market through burning, staking, new projects and social media activities. Today, the community announced its new goal.

TerraClassicUSD (USTC): Is $1 Possible Again?

Terra Classic community members Edward Kim and Alex Forshaw made important statements today. As it is known, the LUNC community has achieved great success recently. The community announced its new goal today. The LUNC community announced an incredible plan to restore the dollar peg of the TerraClassicUSD (USTC) after the implementation of the 1.2% tax burn on September 20th. USTC lost its index to the dollar in May and fell to zero. As a result, this collapse had a huge impact on the tokens of the Terra ecosystem. However, TerraForm Labs had disabled swaps between LUNC and USTC to prevent further damage. Kim and Forshaw noted that the blockchain has defaulted but there are 10.3 billion USTCs on the market worth $9.5 billion. Community members compared the Terra Classic network to a developing country with a debt default. Experts said the company needs some kind of debt restructuring.

According to the authors, bringing USTC's dollar-pegged value back to life is a major project. However, first, the USTC should not be vulnerable to the attack that crashed the system. Second, the LUNC community needs to make the necessary sacrifices in the process. Therefore, unity and solidarity are crucial. Finally, the stablecoin reserves must not be damaged in case it is attacked again. According to two analysts, the implementation of the USTC recovery plan could make its mark in cryptocurrency history. While emphasizing their belief in a truly decentralized stablecoin that is censorship-resistant and scalable, the authors also claimed that USTC's restoration of its dollar peg would more effectively burn LUNC tokens through its original algorithmic controls.

Will the LUNC Rally Continue?

Kim and Forshaw claim that the best option for the network is to take steps to meet the project standards. The LUNC price has gained momentum thanks to the community's burning and staking activities. So far, the community has burned more than 3.5 billion tokens and staked more than 528.8 billion LUNC. As the community aimed to push the LUNC price above $0.0005, the daily trading volume reached over $2 billion.

The community believed that the short-term target of $0.01 could be possible this month if the current rally continued. However, the Seoul Court in South Korea issued an arrest warrant for Terra's founder Do Kwon and 5 others. According to Bloomberg, an arrest warrant was issued for Do Kwon and several employees of Terraform Labs, accused of violating capital market rules. After this news, LUNC price lost a great deal of value. According to experts, it may take 6-7 years for the LUNC price to rise to $ 1.