Proposal 11487, a signal proposal that seeks to repeg TerraClassicUSD (USTC) in the long run by using a divergence protocol and buyback mechanism is still up for voting on the Terra Station. Voting on the proposal which also addresses issues regarding USTC unidirectional swaps and staking will end on April 29. 

Notably, May 2023 will mark a calendar year since USTC lost parity with the dollar, leading to the hyperinflated supply of Terra Classic (LUNC). Since then, several USTC repeg proposals have been introduced by different community members with most of them failing to pass governance voting. Meanwhile, the few which passed governance voting are yet to be fully implemented. 

Accordingly, Redline Drifter recently rolled out Proposal 11487, outlining an approach to revitalize the Terra Classic ecosystem in an equitable manner that will appeal to both USTC and LUNC holders. As per the signal proposal, the two approaches suggested by Drifter to re-peg the supposed stablecoin USTC include the implementation of an algorithmic peg divergence fee and a buyback protocol. 

(By Ndianabasi Tom)