Terra Luna Classic Community Passes USTC Minting Proposal
The Terra Luna Classic community has successfully passed Proposal 11868 to disable USTC minting through raising Tobin tax to 100%. This proposal is aimed at stopping the minting and reminting of USTC, which is an important step in the efforts to repeg USTC and revive the Terra Luna Classic chain and LUNC token.
“The only minting of USTC currently happening on chain is through the market module, which allows burning a coin to mint another.”
After the 2022 Terra-LUNA crisis, the mechanism was disabled preventing swapping from and to LUNC through the market module. This will effectively disable all market swapping and such minting of coins on Terra Classic. Users will not be able to swap between USTC and other stablecoins, which will also disable USTC burn with swaps.
The proposal will not impact swapping coins through DEXes like Terraswap. This continues to be possible for existing pairs. The proposal received 98.95% votes in favor, with majority support from top validators. Among the 55 validators who voted, 50 voted “Yes”. This includes validators such as Allnodes, Interstellar Lounge, HappyCattyCrypto, Interstake One, JESUSisLORD, and others, becoming the first proposal to receive unanimous support from validators in months.
Terra Ecosystem Tokens Rally
LUNC price jumped 18% in the past 24 hours, with the price currently trading at $0.000084. The 24-hour low and high are $0.0000703 and $0.0000963, respectively. Furthermore, the trading volume has increased by 300% in the last 24 hours, indicating interest among traders. USTC price trades at $0.014, up 15% in the past 24 hours. The 24-hour low and high are $0.012 and $0.017, respectively. The trading volume has also jumped significantly. LUNA price climbed 33% in the past 24 hours, with the price currently trading at $0.73.
Hot Take: Terra Luna Classic Community Gains Momentum After Passing USTC Minting Proposal
The passage of Proposal 11868 has been a significant milestone for the Terra Luna Classic community as it aims to stabilize USTC and revive its chain and token value. With a unanimous vote from top validators and a rally in prices for LUNC, USTC, and LUNA tokens, there is clear momentum in favor of these changes that will benefit users and traders within the ecosystem.
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