Terra Classic (LUNC) Announces Its Crazy Plan: It Will Hit the Industry!

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

TerraClassicUSD (USTC): Is $1 Again Possible?

Terra Classic community members Edward Kim and Alex Forshaw made important statements today. As it is known, LUNC The group has had great success in recent years. The community announced its new goal today. The LUNC community announced on September 20 that they have come up with an incredible plan to regain the stable value of TerraClassicUSD (USTC) to the dollar after the 1.2% tax burn came into effect. 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 is in default, but there are 10.3 billion USTCs worth $9.5 billion in the market. Community members compared the debt default of the Terra Classic network to a developing country.

According to the authors, it is a big project to bring USTC's fixed value to the dollar back to life. However, first of all, USTC must not be vulnerable to a system-breaking attack. Second, the LUNC community needs to make the necessary sacrifice in this process. Therefore, unity and togetherness are of great importance. Finally, stablecoin reserves should not be damaged if it is attacked again. According to two analysts, the implementation of the plan needed to save USTC could leave its mark on cryptocurrency history. While emphasizing their belief in a truly decentralized stablecoin that is censorship-resistant and scalable, the authors also claimed that restoring USTC's peg to the dollar would more effectively burn LUNC tokens through their original algorithmic controls.

LUNC Rally, Will It Continue?

Kim and Forshaw argue that the best option for the network is to take steps to meet project standards. The LUNC price has gained momentum thanks to the community's burning and staking activity. The community has burned over 3.5 billion tokens and staked over 528.8 billion LUNCs so far. While the community was aiming to push the LUNC price above $0.0005, the daily trading volume also exceeded $2 billion.

The community believed that the short-term target of $0.01 would be possible this month if the current rally continues. However, South Korea's Seoul Court issued an arrest warrant for Terra's founder, Do Kwon, and 5 others. Arrest warrants have been issued for Do Kwon and several employees of Terraform Labs, accused of violating capital markets rules, according to Bloomberg. After these news, the LUNC price depreciated greatly. According to experts, it may take 6-7 years for the LUNC price to rise to $1.