Terra Classic’s LUNC Token Surges by 45%
The native token of Terra Classic, LUNC, has experienced an extraordinary surge, with a 45% increase from $0.000064 to nearly eliminating one zero from its price. The recent approval of a crucial proposal related to USTC minting is the catalyst behind this surge.
98.95% Vote for USTC Minting Proposal
The surge in LUNC’s price is not a mere coincidence but a result of a pivotal proposal surrounding USTC minting. The LUNC community, with an overwhelming majority, has endorsed a proposal to halt USTC “minting and reminting” by implementing a 100% Tobin tax. Impressively, 98.95% of the community voted in favor of this groundbreaking proposal.
Details of the Proposal
The Terra Classic Commonwealth portal shared some details about the proposal, explaining that USTC only goes into circulation through the market module. The proposal aimed to disable USTC minting by introducing a Tobin tax of 100% for swaps to USTC. To meet the proposal’s goal, the Layer One Task Force (LITF) team made a code change, introducing a new governance parameter to set a Tobin tax for swaps to USTC.
There was talk within the community about raising all Tobin taxes for stablecoins to 100%, simplifying the process without needing a code change. Ultimately, the proposal succeeded in its mission, making all market swapping and coin minting on Terra Classic inactive and stopping new USTC circulation.
Terra to Burn 800M USTC
Terra Luna Classic recently burned an impressive 76 billion LUNC tokens and gained support from Binance. The community’s dedication to expediting token burn rates is reflected in Binance’s single-batch burn of over 1 billion LUNC tokens, showcasing collaboration between crypto exchanges, validators, and community members.
Hot Take: LUNC’s Surge Indicates Community Support for Proposal
The surge in LUNC’s trading volume and cumulative 30-day performance increase demonstrates strong support for the proposal within the Terra Classic community. This approval has not only led to increased trading volume but also contributed to significant growth in LUNC’s performance.
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