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Terra Classic Core Developer Proposes To Run Both USTC Re-peg Proposals In Parallel

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Edward Kim proposes to run both USTC re-peg proposals in parallel.

In a tweet on Tuesday, TerracVita, a subgroup of the Terra Rebels, shared a discord message where Terra Classic core developer Edward Kim proposes to run the competing TerraClassicUSD (USTC) re-peg proposals in parallel.

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

It bears mentioning that Kim’s suggestion comes as the competing proposals to reclaim the USTC dollar peg have sparked heated debates in the community. Notably, both proposers took very different approaches to solve the problem.

While Alex Forshaw initially opted to mint more LUNC to collateralize an algorithmic fungible token (AFT) to restructure USTC, Tobia Andersen, AKA Zaradar, opted for a quantitative tightening approach, with the plan of re-enabling swaps after creating features that provide new utility for USTC and burn more LUNC.

Notably, several influential voices in the community have thrown their weight behind the proposal by Zaradar. Consequently, the positive sentiment led to double-digit percentage gains for the defunct algorithmic stablecoin.

It bears mentioning that the community has received the latest suggestion from Kim positively, as it could give a clear picture of what the community should adopt from both proposals.

USTC, formerly just TerraUSD (UST), de-pegged from the dollar in May, kicking off a death spiral that led to the collapse of the Terra ecosystem. It is currently trading at the $0.05066 price point, up 63.74% in the last seven days. As it sees increased attention, it has jumped almost 30 places to rank 71 amongst the top 100 cryptocurrencies by market cap.

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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