Terra Classic Community Proposes to Stop Minting USTC Stablecoin
The Terra Classic community has put forth a proposal to cease the minting of the malfunctioning stablecoin, Terra Classic USD (USTC). Proposal #11784 aims to support the USTC Quant Team in their efforts to stabilize the troubled stablecoin by closing the loopholes that allow USTC to be minted through certain active swaps.
Request for Binance to Burn USTC Trading Fees
In a follow-up proposal, #11785, the community has requested Binance, the leading global cryptocurrency exchange, to burn the trading fees collected from USTC spot and futures trading pairs. Currently, Binance burns 50% of Terra Luna Classic (LUNC) trading fees every month. As of now, 97% of members have voted ‘Yes,’ 2% voted ‘No,’ and 1% abstained.
Community Activity and Ideas
Despite some notable figures leaving the Terra Classic community, the blockchain’s discussion forum remains active with members sharing fresh ideas. One such idea is to form the Six Samurai Team to aid in restoring the chain.
Binance Asked to Burn USTC Similar to LUNC
The crypto giant Binance has been urged to assist in burning the malfunctioning stablecoin USTC just as it burns LUNC. Binance has already burned over 37 billion LUNC tokens in monthly batches by utilizing trading fees on their platform.
Price Performance of Terra Luna Classic
Despite Binance’s burning efforts, Terra Luna Classic (LUNC) experienced a significant drop of 80.7% in value during a turbulent 2022. Both LUNC and UST suffered major setbacks. Currently, LUNC is ranked #99 and is trading at $0.00005805 with a daily gain of 1.9%, according to CoinGecko.
Hot Take: Terra Classic Community Fights to Restore Stability
The Terra Classic community is actively working towards stabilizing the troubled stablecoin USTC through democratic measures. Proposals have been made to stop minting USTC and request Binance’s assistance in burning USTC trading fees. Despite challenges faced, the community remains resilient and continues to generate innovative ideas, including forming a restoration team. The journey to restore stability for Terra Classic continues.
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