LUNC Rebound Rally: Could $USTC Repeg Push it Further?
• USTC Quant team is attempting to restore the malfunctioning $USTC stablecoin using the divergence fee protocol, which charges a dynamic fee equal to the difference in price between the peg and market value.
• Meanwhile, Terra Luna Classic (LUNC) has gone on a bullish breakout last week and is currently trading at $0.00008764, reaching a bi-weekly high.
• The upcoming developments in the USTC repeg negotiations will be crucial in determining how far LUNC will go.
Negotiations with Crypto Exchanges
The USTC Quant team is in negotiations with crypto exchanges in order to restore the original USTC peg using the divergence fee protocol. This protocol charges a dynamic fee equal to the difference between the peg and market value of every transaction related to Terra Classic USD (USTC). Binance acknowledged an issue with their matching engine algorithm, but this technical issue is being addressed by direct communication between the USTC Quant team and Binance tech support.
LUNC Rebound Rally
Terra Luna Classic (LUNC) went on a bullish breakout last week, increasing 8.6% over 7 days and reaching a bi-weekly high of $0.00008764. This positive trend was likely due to XRP being labeled non-security by a prominent US judge. However, it remains uncertain how long this rally will last as it depends heavily on upcoming developments regarding USTC repeg negotiations.
Community Urges Binance for Assistance
Thanks for transparency about communications between exchanges and Quant teams, traders are urging Binance to assist in USTC Repeg mission as soon as possible so that LUNC ecosystem can build back better 🚀🔥🙏 .
Low Market Cap Despite Bullish Trend
Despite its recent bullish trend, LUNC is still 11.8% down monthly and has yet to regain its previous market cap of $500M before falling into stagnation earlier this month. As such, further progress depends heavily on successful outcomes from these ongoing negotiations with exchanges like Binance that have expressed interest in implementing this new system for repegging USTCs back to their original price point of $1 USDT per token .
The future success of LUNC relies heavily on successful implementations of these protocols by leading crypto exchange platforms like Binance; otherwise it’s unlikely that LUNCs rebound rally can continue much longer given its current low market cap compared to before its stagnation earlier this month