Terra Luna Classic L1TF To Work On USTC Repeg, Community Sees 40% Jump In LUNC Price

Terra Luna Classic core developer Joint L1 Task Force (L1TF) finally decided to work on the USTC repeg to revive TerraClassicUSD (USTC) price to $1. As revealed earlier by the developer group, the L1TF team will work with the RedlineDrifter-led USTC repeg team after the v2.1.1 parity upgrade to bring attention to USTC stablecoin.

Timeline of Terra-luna, Terrausd

Over the past week, the price of LUNC has remained strictly within the range levels of $0.0000826 and $0.0000102. During this consolidation phase, the daily chart has shown long price rejections at both of these levels, indicating uncertainty among market participants.

The Joint L1 Task Force (L1TF), comprising Terra Classic (LUNC) Core developers, successfully executed the highly anticipated Parity Upgrade on June 14, 2023. This pivotal event materialized thanks to the endorsement of Proposal 11561 by the Terra Classic Community, thus clearing the path for the seamless implementation of this critical update.

The cryptocurrency market has been gripped by tension and a surge of selling pressure following the Securities and Exchange Commission's (SEC) recent lawsuits targeting leading platforms Binance and Coinbase. These legal actions have had a profound impact on investor sentiment, as uncertainty looms over the future of these prominent exchanges and dozens of altcoins that the regulator labeled as unregistered securities.

Terra Classic core developer group Joint L1 Task Force (L1TF) successfully completed the network's biggest v2.1.1 parity upgrade at block height 13215800 on June 14 at 13:57 UTC. Members of the developer group Joint L1 Task Force were joined by professor and core developer Edward Kim, validators, and key LUNC community members.

Terra Classic Price Analysis: Similar to a majority of major altcoins, the LUNC price witnessed a steep correction last weekend and plunged to the local support of $0.000082. The 4-hour chart showed a new downsloping trendline carrying this correction phase, assisting sellers in maintaining trend control.

A group of Terra Classic Core developers, the Joint L1 Task Force (L1TF), has announced that it is ready for the Parity Upgrade, set for the 14th of June, 2023. The Terra Classic Community unanimously voted in favor of Proposal 11561, paving the way for the critical update to be implemented.

The world's largest crypto exchange Binance on Wednesday said it will support the Terra Classic (LUNC) network's biggest v2.1.1 upgrade as the community officially passed Proposal 11561. It will bring the blockchain to parity with Terra 2.0 and other Cosmos chains.

The embattled LUNC community eagerly awaits the arrival of the much-anticipated Terra Classic parity upgrade mainnet 2.1.0 on June 14th, 2023. Despite recent struggles, Terra Luna Classic (LUNC) has climbed impressively in the global crypto market cap charts, recording a remarkable 10.9% gain in the past 24 hours.

The crypto market has been bleeding lately, and leaders like Bitcoin and Ethereum have been on a downtrend. In addition, the Securities and Exchange Commission's crackdown on top trading platforms Coinbase and Binance has further made things worse as the crypto winter has persisted.

Terra Luna Classic core developer Joint L1 Task Force (L1TF) has made some significant changes to the v2.1.0 upgrade, changing the name to v2.1.1. According to the GitHub release, L1TF developers Till Ziegler or “fragwuerdig” and The Vinh Nguyen have made 19 additions and 9 deletions to some files.