Terra Luna Classic Community Votes to Stop USTC Minting and Reminting
The Terra Luna Classic community has successfully passed a proposal to cease all minting and reminting activities for the USTC stablecoin. The aim of this proposal is to restore the peg of USTC to $1 and revive LUNC. By ending minting and reminting, the community also opens up opportunities for entities like Binance to begin burning USTC.
Details of the Proposal Approval
Terra Luna Classic’s proposal 11784, titled “Stop Minting and Reminting of USTC,” has been approved by the community. With 55% “Yes” votes, 38% “No” votes, and some members choosing to abstain, the proposal has surpassed the pass threshold required to halt USTC minting and reminting. Out of the 35 validators who participated in the proposal, 22 supported it while Allnodes voted against it.
Burning USTC and LUNC
With the passing of this proposal, entities like Binance can now commence burning USTC since there will be no more minting or reminting. The community plans to request that Binance burn USTC, although trading volumes are currently low. Additionally, a proposal for Binance to burn 50% USTC and 50% LUNC has also been approved by the community.
Decrease in LUNC and USTC Prices
Despite significant proposals and updates from the community, both Terra Luna Classic (LUNC) and USTC prices have experienced a decline. Some individuals believe that the current developer team is ineffective in managing the chain, community wallet, and upgrades.
In the last 24 hours, the price of LUNC has increased by 1% and is currently trading at $0.000057. The 24-hour low and high for LUNC are $0.0000566 and $0.0000582, respectively. Trading volume has surged by 439% in the past day.
On the other hand, USTC’s price has dropped by 1% in the last 24 hours, with the current trading price at $0.012. Furthermore, trading volume has decreased by 36% over the past day.
Hot Take: Terra Luna Classic Community Takes Steps to Stabilize USTC and Revive LUNC
The Terra Luna Classic community has made significant decisions to address the stability of USTC and revive LUNC. By ending USTC minting and reminting, they aim to restore its peg to $1. This move also allows entities like Binance to burn USTC, contributing to its stabilization.
However, despite these efforts, both LUNC and USTC prices have experienced a decline. Some community members express concerns about the current management of the chain, community wallet, and upgrades. It remains to be seen how these developments will impact the future of Terra Luna Classic.
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