Terra’s defunct stablecoin TerraClassicUSD (USTC) was the top gainer among the top 100 cryptos. The recent announcement by the Terra Luna Classic core developer is to blame for the unexpected increase in USTC pricing. The global digital assets market, on the other hand, experienced another dip with greater volatility.
Will Terra Classic be able to recoup its investment?
Tobias Andersen, aka Zaradar, Terra Classic’s primary developer, has released the long-awaited USTC re-peg proposal. Since releasing this Terra Luna news to re-peg the TerraClassicUSD, its price has increased by around 50%. This increase has assisted the token in making up for the 7-day price loss.
At the time of writing, Terra USTC was trading at an average price of $0.0397. TerraClassicUSD 24 hour trading volume has increased by around 1280% to $174 million. While its market capitalization has now been projected to be $408 million.
He mentioned in the release that Terra Classic, a Proof-of-Stake blockchain network, experienced a black swan occurrence. This resulted in Terra Luna’s megacollapse via a horrific death cycle. Over $60 billion in market capitalization evaporated from the global crypto market in a matter of days.
This occurrence, however, resulted in the creation of trillions of governance tokens. In the network, uncollateralized stablecoins created a massive debt mountain.
Will Do Kwon retaliate?
Zaradar intends to struggle against the dimming light of a lunatic in order to resurrect the USTC. Meanwhile, he indicated that he will attempt to repair the project after its developers abandoned it. This Terra Luna announcement will undoubtedly boost the company’s investors’ confidence.
Meanwhile, the good news for Terra holders comes amid growing scrutiny and examination of Terra Chief Do Kwon.
According to Coingape, Terra chief’s passport would be declared invalid within the next week. This is possible if Do Kwon fails to appear before the authority. Interpol had already issued a Red Notice against the Terra Chief in order to investigate the events in the Terra ecosystem.