Edward Kim Proposes Running Both USTC Re-peg Proposals Together

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Terra LUNC Community Approves New Measure to Reduce Tax Burn
Terra LUNC Community Approves New Measure to Reduce Tax Burn

In a discord post, Terra Classic core developer  Edward Kim suggests running the competing TerraClassicUSD (USTC) re-peg proposals in parallel. 

TerracVita, a branch of the Terra Rebels, relayed the message in a tweet on Tuesday.

“I have been working with Alex and Zaradar on their proposals, and I have logistics worked out on the rebel-2 testnet. Very early stages, but it is technically feasible, and both can coexist and be implemented in parallel for the time being,” writes Kim.

Meanwhile, Kim’s proposal comes when contentious discussions have started in the community over competing plans to regain the USTC dollar peg. Notably, the two proposers approached the problem in entirely different ways.

Influential Voices in the Community Back the Proposal by Zaradar

Alex Forshaw initially decided to mint more LUNC to collateralise an algorithmic fungible token (AFT) to restructure USTC. 

In contrast, Tobia Andersen, aka Zaradar, chose a quantitative tightening approach to re-enable swaps after developing features that offer new utility for USTC and burn more LUNC.

Remarkably, many respected individuals in the terra community have backed Zaradar’s plan. Due to the upbeat atmosphere, the defunct algorithmic stablecoin saw double-digit percentage gains.

It is important to note that the community has favourably accepted Kim’s most recent idea since it may help clarify which of the two proposals the community should choose to implement.

When USTC, formerly known as TerraUSD (UST), de-pegged from the dollar in May, the Terra ecosystem began to deteriorate and eventually collapse. 

The price is currently $0.05066, up 63.74% over the previous seven days. It has risen about 30 positions to rank 71 among the top 100 cryptocurrencies by market cap due to the increasing attention it is receiving.

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