Last Updated: August 2, 2023
• The USTC Quant team is negotiating with various exchanges to implement the divergence fee protocol, which charges a dynamic fee equal to the difference in price between the peg and the market value.
• Terra Luna Classic (LUNC) went on a bullish breakout last week, surging 8.2% in 24 hours after being labeled a non-security by a prominent US judge.
• The upcoming developments in the USTC repeg negotiations will be crucial in determining how far $LUNC can go.
USITC Repeg Mission
The USTC Quant team is engaged in negotiations with crypto exchanges regarding a divergence fee protocol that would restore the original USTC peg. This mechanism would charge a dynamic fee equal to the difference in price between the peg and market value for every transaction related to Terra Classic USD (USTC). Binance has acknowledged this proposal from the Terra Classic community, but is currently addressing an issue with its matching engine algorithm.
LUNC Rebound Rally
Terra Luna Classic (LUNC) experienced a bullish breakout last week, rising 8.2% within 24 hours after XRP was labeled as non-security by a prominent US judge. At press time, $LUNC trades at $0.00008764, reaching a bi-weekly high; however, it’s still 11.8% down monthly overall. This positive market sentiment may not last long though; as such it’s important to keep an eye on how USTC repeg negotiations develop going forward as these will determine how far $LUNC can rise.
Community Urges Binance
The LUNC community has urged Binance to assist with the mission of restoring the malfunctioning stablecoin $USTC through implementing their proposed divergence fee protocol. Redline Drifter has set up a list of crypto exchanges that have accepted this proposal and Binance has already begun addressing their technical issue related to its matching engine algorithm through direct communication with members of the USTC Quant team .
Focus on Long Term Stability
The goal of restoring $USTC pegs should be focused on long term stability rather than short term gains – something that could be achieved through implementing this proposed protocol from the Terra Classic community . With sustainable mechanisms such as this one put in place for re-pegging purposes, traders can be assured that their investments are safe and secure even when volatility arises in cryptocurrency markets .
In conclusion , although LUNC saw some promising gains over recent weeks due to XRP’s latest news release , much of its future success depends on how well Binance and other exchanges cooperate with USTC Quant teams’ efforts for restoring stablecoin pegs via their proposed divergence fee protocol . With sound financial measures like this implemented throughout cryptocurrency markets , traders can look forward to more secure investment opportunities moving forward .