Terraย (LUNA) Luna Classic Community Seeks Binanceโs Support to Burn USTC
The Terraย (LUNA) Luna Classic community is proposing that cryptocurrency exchange Binance extend its support to burn USTC ( Terraย (LUNA) USD Classic) on a monthly basis, in addition to theย present LUNC burn mechanism. The aim of this proposition is toย assist the community and the Quant USTC developer team in repegging USTC to its intended value of $1.
Proposition for Binance to Start Burning USTC
The proposition, titled โAsking Binance to Start Burning USTC,โ is asย ofย now up for voting on Terraย (LUNA) Classic Station. Initial voting indicates strong support from the community, with 97% of votes in favor of the proposition. The voting deadline is September 21.
Notably, validators such as JESUSisLORD have expressed their support for the proposition via Twitter.
Burning USTC and Repegging to USD
The communityโs goal is for Binance toย start burning USTC on a monthly basis. Asย ofย now, Binance burns 50% of LUNC tokens through its monthly burn mechanism. With this proposition, the community hopes that Binance will likewise burn USTC with the remaining 50%, which would contribute to the successful repegging of USTC to the USD.
โBy having the largest digitalย currency exchange in the world help burn the circulating supply, it will directly contribute to the success of the re-peg of USTC to the USD.โ
Quant USTC Repegging Efforts
Alongย with seeking support from Binance, the Quant USTC repeg team is working on numerous strategies, including market swaps and automatic market makers, to accomplish the desired repeg of USTC to $1. Nonetheless, their previous plan was unsuccessful as centralized exchanges did not agree to it.
Probable Advantages and Current Prices
If proposition 11784 โStop USTC minting and remintingโ is passed, itย might open the door for large institutions to burn USTC, benefiting investors who hold USTC or LUNC. Asย ofย now, the price of LUNC is currentlyย worth $0.000057, while USTC has experienced a 3% increase in the past 24 hours and is asย ofย now currentlyย worth $0.0125.
Hot Take: Binanceโs Support Can Drive USTC Repegging Success
The Terraย (LUNA) Luna Classic communityโs proposition to have Binance burn USTC on a monthly basis demonstrates their strong commitment to achieving the desired repeg of USTC to $1. By leveraging Binanceโs status as the largest digitalย currency exchange, this move can directly contribute to the success of the re-pegging efforts. Inย addition, passing proposition 11784 may further expandย the communityโs efforts by allowing large institutions toย engage in burning USTC. These developments have theย capacity to benefit investors and contribute to the overall growth and stability of Terraย (LUNA) Luna Classic.
Gapster Innes emerges as a visionary adeptly blending the roles of crypto analyst, dedicated researcher, and editorial maestro into an intricate tapestry of insight. Amidst the dynamic world of digital currencies, Gapster’s insights resonate like finely tuned harmonies, captivating curious minds from various corners. His talent for unraveling intricate threads of crypto intricacies melds seamlessly with his editorial finesse, transforming complexity into an eloquent symphony of comprehension.
