• The USTC Quant team is working to restore the malfunctioning USTC stablecoin by implementing a divergence fee protocol.
• Binance has acknowledged and is addressing the proposed protocol with direct communication with the USTC Quant team.
• Terra Luna Classic (LUNC) experienced an 8.6% increase in a week, regaining $500M market cap, as it follows the positive sentiment of XRP being labeled a non-security by a prominent judge.
The Repeg Mission for USTC
The USTC Quant team is in negotiations with crypto exchanges to implement a divergence fee protocol that aims to restore the original peg for the malfunctioning $USTC stablecoin. This dynamic fee would be equal to the difference in price between the peg and its market value for every transaction related to Terra Classic USD (USTC). The list of exchanges that have acknowledged this protocol includes Binance, who have reported “an issue with matching engine algorithm” which they are currently addressing via direct communication with the USTC Quant team.
LUNC Rebound Rally
Terra Luna Classic (LUNC) went on a bullish breakout last week and increased 4% after an 8.2% weekly increase in 24 hours, likely due to XRP being labeled as non-security by a prominent judge from the US. At press time, $LUNC trades at $0.00008764 – 11.8% down compared to monthly data – and is experiencing its bi-weekly high given this bullish divergence trend; however, it remains uncertain how long this will last.
Community Urges Binance To Assist
The Terra Classic community has urged Binance to assist in their mission of restoring stability through repegging $USTC, emphasizing that such developments will be crucial in determining future trends for LUNC going forward.
Impact On The Market
Given this attempted intervention from both sides of the spectrum, only time will tell whether or not this could initiate sustainable growth across crypto markets; however, it’s clear that there is potential for gains if successful implementation of protocols takes place sooner than later.
As negotiations between exchanges and USTC Quant teams continue regarding repegging efforts for $USTC, LUNCs current rebound rally may indicate further growth depending on successful implementation from all parties involved; regardless of outcome though, transparency between both sides should remain one of highest priorities moving forward into these developments within digital asset markets worldwide