Can Binance Assist in Repegging USTC to $1 for Terra Luna Classic (LUNC)?

Can Binance Assist in Repegging USTC to $1 for Terra Luna Classic (LUNC)?

Terra (LUNA) Luna Classic Community Seeks Binance’s Support to Burn USTC

The Terra (LUNA) Luna Classic community is proposing that cryptocurrency exchange Binance extend its support to burn USTC ( Terra (LUNA) USD Classic) on a monthly basis, in addition to the present LUNC burn mechanism. The aim of this proposition is to 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 “Asking Binance to Start Burning USTC,” is as of now up for voting on Terra (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.

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Burning USTC and Repegging to USD

The community’s goal is for Binance to start burning USTC on a monthly basis. As of 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.

“By having the largest digital 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.”

Quant USTC Repegging Efforts

Along 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.

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Probable Advantages and Current Prices

If proposition 11784 “Stop USTC minting and reminting” is passed, it might open the door for large institutions to burn USTC, benefiting investors who hold USTC or LUNC. As of now, the price of LUNC is currently worth $0.000057, while USTC has experienced a 3% increase in the past 24 hours and is as of now currently worth $0.0125.

Hot Take: Binance’s Support Can Drive USTC Repegging Success

The Terra (LUNA) Luna Classic community’s 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 Binance’s status as the largest digital currency exchange, this move can directly contribute to the success of the re-pegging efforts. In addition, passing proposition 11784 may further expand the community’s efforts by allowing large institutions to engage in burning USTC. These developments have the  capacity to benefit investors and contribute to the overall growth and stability of Terra (LUNA) Luna Classic.

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