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HomeCrypto NewsMeasures Outlined by Classy May Push Terra Classic to $1

Measures Outlined by Classy May Push Terra Classic to $1

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An anonymous but well-known member of the Terra Classic community named Classy Crypto has suggested a few actions the LUNC community might do to hasten the revitalization campaign started for the LUNC and push Terra Classic past $1. 

A reduction of the numerous ideas for routinely evaluating burn tax rates is one of the strategies described by Classy.

The community is looking for ways to hasten LUNC’s revival, and Classy’s proposals come just after developers successfully reopened the Inter-Blockchain Communication (IBC) channel to Osmosis.

The plan consists of four suggested actions, most of which are doable. Classy shared these suggestions on Twitter on Thursday through a plan he titled “How to pump LUNC.” These actions consist of the following:

Reducing Proposals that Reviews Burn Rates

According to Classy, the number of proposals being made by the community to examine or modify the tax burn rate or wallets that hold off-chain assets should be lowered.

The community came up with the notion to dramatically lower the burn rate to rekindle investor interest in LUNC after the negative impacts of the 1.2% tax burn rate on the trading volume of Terra Classic. 

The market suffered from a lack of investors due to the high tax burn rate. The idea to lower the rate to 0.2% was approved.

More Spaces for Positive LUNC Dialogues

Investors in general, and LUNC investors specifically, want to be sure that their money is being used for active projects.

Classy is aware of this, so he suggested that the community host more Twitter chats or discussion gatherings to foster fruitful discussions on the future of LUNC.

Classy thinks these discussions could increase investor trust, draw more capital into the asset, increase demand, and ultimately affect the asset’s price. 

Increasing these social activities would help the asset’s momentum because the LUNC community is still one of the most engaged in the crypto industry.

Securing VC Funding from Private Organizations

Any financial environment, including the cryptocurrency business, depends on venture capital. 

Most assets are still standing today thanks to multiple VC firm investments. Polygon and Solana have received $451 million and $315 million in finance from several companies, respectively. 

According to Classy, such money is also advantageous for the Terra Classic chain.

He suggested that the community seek money from interested parties to support on-chain Terra Classic network enhancements. 

Obtaining VC investment not only supports developments but also publicly advertises the network because investors like to pour money into an asset that is getting adequate attention from illustrious private organizations.

Re-peg USTC and V23 Parity

When the Terra ecosystem collapsed in May, TerraClassicUSD (USTC) lost its peg and is now trading at $0.0244 as of publication. 

One of the primary goals of several community members, including Classy, has always been re-pegging USTC.

Tobias “Zarader” Andersen, a well-known Terra Classic core developer and representative of the Terra Rebels organization, presented a plan to re-peg USTC in October. 

Zarader suggested ways to lessen the debt incurred during the Terra Collapse considerably.

Zarader suggested quantitative easing to do this (QE). In reaction to the suggestion, the asset increased by more than 40%.

Classy also emphasized the importance of the V23 upgrade and LUNC parity. 

Following the reopening of the IBC to the Cosmos decentralized exchange, Osmosis, on Tuesday, the upgrade is planned to take place this month. 

The openness of the IBC to Osmosis and the V23 update were initially planned to take place concurrently. 

Still, LUNC core developer Edward Kim passed a proposal to implement the latter first.

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