Terra Luna Classic Validator To Fund USTC Repeg Team As Community Rejects Proposal

Terra Luna Classic validator Nova on Wednesday announced a plan to provide funding to the Quant USTC repeg team directly as a proposal failed amid Station issues. The Terra Luna Classic community has rejected the community pool spend proposal to fund the USTC Quant team for the second month.

Terra Luna Classic Validator Rescues USTC Repeg Team

Nova Validator in a post on August 23 said it will fund the Quant USTC repeg team directly with its commissions in response to breach of contract by validators.

Proposal 11716 to provide funding to the Quant team for the month was passing, but some validators voted “No” at the last moment. As a result of the refusal of LUNC validators to pay the USTC repeg team for the work delivered successfully, Nova validator will fund the team. It asks the community to redelegate with them to support the USTC repeg and LUNC revival.

“The $LUNC Community Pool is not the only way to fund the USTC Team’s efforts. If you want to see the chain fixed, it’s time to redelegate away from those who have voted against the best interests of the chain and broken their contract after work has been delivered,” said Quant USTC repeg team member Bilbo Baggins.

According to StakeBin data, Nova is the top validator for delegation gains of 675,185,152 LUNC. The total delegation has reached 5.39 billion LUNC and voting power has increased to 0.528%.

LUNC terra luna classic ustc
Source: StakeBin

Read More: Terra Luna Classic L1TF Prepares For v2.2.0 Core Upgrade

LUNC and USTC Prices Continue to Fall

LUNC price is currently trading at $0.000064, down 2% in the last 24 hours. The 24-hour low and high are $0.0000620 and $0.0000654, respectively. However, an analysis by CoinGape Markets predicts a 20% recovery in LUNC price if it breaks above the descending channel.

Meanwhile, USTC price also fell 3% in the past 24 hours, with the price currently trading at $0.012. The 24-hour low and high are $0.0123 and $0.0129, respectively.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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