In a significant development, Terra Luna Classic (LUNC) successfully passed a crucial proposal to halt the minting of USTC (Terra USD Coin). This decision triggered a substantial rally in the prices of LUNC, USTC, and the native token LUNA over the last 48 hours.
Investors and enthusiasts are closely monitoring the implications of this proposal on the Terra Luna Classic ecosystem, contributing to the remarkable surge in the mentioned cryptocurrency prices.
In a unanimous decision, the Terra Luna Classic community has approved a crucial proposal aiming to disable USTC minting. This move is coupled with an increase in the Tobin tax to 100%, reflecting the community and developers’ collaborative efforts to address and rectify the challenges associated with USTC and support the overall revitalization of the Terra Luna Classic chain.
The positive outcome of this proposal has significantly impacted the prices of key tokens, including LUNC, USTC, and LUNA, leading to a notable rally within the past 48 hours. Investors and stakeholders are closely monitoring these developments as the Terra Luna Classic ecosystem undergoes important adjustments.
Terra Luna Classic Community Approves Proposal to Halt USTC Minting
Proposal 11868, titled “Fulfill prop #11784 by disabling USTC minting via raising Tobin tax to 100%,” has been successfully passed by the Terra Luna Classic community. The primary objective of this proposal is to cease the minting and reminting activities related to USTC.
As clarified in the proposal, the current on-chain minting of USTC occurs exclusively through the market module, allowing the burning of one coin to mint another. Following the Terra-LUNA crisis of 2022, the mechanism for swapping between LUNC and other coins through the market module was disabled. The latest proposal seeks to extend this disablement to prevent any market swapping and coin minting on Terra Classic, specifically addressing USTC. Consequently, users will be unable to engage in swapping between USTC and other stablecoins, including the burning of USTC through swaps.
It’s important to note that the proposal’s implementation will not impact coin swapping through decentralized exchanges (DEXes) like Terraswap. Existing pairs will still be tradable through these platforms.
The overwhelming support for Proposal 11868 is evident in the voting results, with an impressive 98.95% of votes in favor. Notably, the majority of top validators, including Allnodes, Interstellar Lounge, HappyCattyCrypto, Interstake One, JESUSisLORD, and others, expressed unanimous support for the proposal. This marks a significant consensus among validators, a notable occurrence in the Terra Luna Classic community.
Tokens in the Terra Ecosystem Experience Strong Rally
In the last 24 hours, the price of LUNC has surged by 18%, reaching $0.000084, with recorded low and high points at $0.0000703 and $0.0000963, respectively. Notably, the trading volume has witnessed a substantial 300% increase, pointing to heightened interest among traders.
Meanwhile, USTC is currently trading at $0.014, displaying a notable 15% increase over the past 24 hours. The recorded low and high for USTC during this period are $0.012 and $0.017, respectively, accompanied by a significant surge in trading volume.
Additionally, LUNA has experienced a robust 33% price climb in the past 24 hours, with the current trading price at $0.73. The recorded low and high for LUNA in this timeframe are $0.55 and $0.87, respectively. Similar to LUNC, LUNA has seen a remarkable 300% increase in trading volume, indicating heightened trader interest.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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