The Terra Luna Classic community is presently actively voting on Proposal 11767, which has the title “Test market swap with mint limiter.” This developer-proposed proposal has received support from the L1 Terra Classic Task Force (L1TF) core development team and intends to restore the market swap functionality for LUNC and USTC tokens.
This functionality had been disabled following the 2022 Terra-LUNA crisis. The primary goal of this proposal is to restore the peg of USTC to $1 and boost the LUNC token price to $1.
Terra Luna Classic: Proposal Details
The proposal at hand, “Test market swap with mint limiter,” is designed to enable the use of a limiter in the market swap process. This approach, if approved, will exclusively apply the limiter during market swaps, effectively reopening the LUNC and USTC market swap feature.
The community expects that enabling this function will significantly impact the supply of LUNC and USTC, as it aligns with their vision to restore USTC’s peg to $1 and drive the price of the LUNC token to $1.
Developer’s Efforts
The developer responsible for this proposal has not only conceptualized it but has also coded and rigorously tested it within an environment created by the L1TF development team. He firmly believes that enabling the market swap in this manner will substantially increase the rate at which LUNC tokens burn.
Moreover, he anticipates enhancing utility by facilitating the creation of token pairs on platforms such as Terraswap or Astroport.
Terra Luna Classic Community Support
The Terra Luna Classic community has shown overwhelming support for this proposal, with a remarkable 97% of the votes in favor, along with 1% of votes abstaining. While there have been a few “No” and “No with veto” votes, it is worth noting that this proposal has garnered significant backing. O
ut of the nine validators who have cast their votes, four, including notable names like JESUSisLORD and Coinpayu, are in favor of the proposal. However, some top validators have yet to cast their votes on this crucial proposal.
The Terra Luna Classic community’s vote on Proposal 11767 signifies a critical juncture in the project’s efforts to reactivate the market swap for LUNC and USTC tokens. Also, if successful, this proposal could have far-reaching implications, including the potential to stabilize the USTC peg and revitalize the LUNC token.
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