Terra Luna Classic Approves USTC Reppeg to $1 Proposal

Terra Do Kwon

The Terra Luna Classic community recently approved a proposal to discontinue the minting and reminting of USTC tokens to maintain their value at $1.

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The Terra Luna Classic community has made a decision to halt the minting and reminting of USTC tokens as part of their efforts to bring the stablecoin back to its $1 value and revive the LUNC token. This move also allows entities like the crypto exchange Binance to begin burning USTC tokens now that the minting and reminting process has ended.

Terra Luna Classic Halts USTC Minting and Reminting

The Terra Luna Classic community has approved Proposal 11784, titled “Stop Minting and Reminting of USTC.” This proposal’s goal is to cease all USTC minting and reminting activities, which will help stabilize USTC at the $1 value. It also addresses other issues that could hinder this stabilization, like converting xUST to mint USTC.

The community vote resulted in 55% “Yes” votes, 38% “No” votes, and some members choosing to “Abstain.” The proposal has met the required threshold to halt USTC minting and reminting.

In total, 35 validators participated in the vote, but the voter turnout was relatively low. Of these validators, 22, including HappyCattyCrypto, DFLunc, 1maxfee, JESUSisLORD, StakeBin, and Lunanauts, supported the proposal, while the largest validator, Allnodes, voted “No.”

With the proposal’s approval, entities like the crypto exchange Binance now have the opportunity to burn USTC since minting and reminting activities have ceased. The community also plans to request that Binance burn USTC, although trading volumes are currently lower. Additionally, a separate proposal suggesting that Binance burn 50% USTC and 50% LUNC has also been passed by the community.

LUNC and USTC Experience Declines

Terra Luna Classic (LUNC) and USTC prices have fallen despite community proposals and updates. Some believe the development team isn’t managing the chain, community wallet, and upgrades efficiently.

LUNC’s price increased by 1% in the last 24 hours, currently at $0.000057. Its 24-hour low and high are $0.0000566 and $0.0000582, and trading volume surged by 439% in the past day.

On the other hand, USTC’s price dropped by 1% in the last 24 hours, trading at $0.012. Additionally, trading volume decreased by 36% in the past day.

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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