A proposal to burn 640 million USTC tokens has sparked a heated debate in the Terra Classic community. As per submitted the proposal, suggesting of the Terra Classic community, that the majority of tokens should be taken out of circulation, and the remaining 20% sent to the Terra Classic community spend pool.
The proposal has garnered mixed reactions from community members. Some support it, believing that burning a significant portion of USTC will help restore the stablecoin’s value. On the other hand, some argue that all 800 million USTC tokens should be burned to avoid diluting the supply by sending any to the community pool.
The Terra Classic community is currently voting on the proposal, which could have a substantial impact on the revival of the USTC stablecoin. If the proposal passes, it would mean destroying 80% of the total 800 million USTC tokens (equivalent to 640 million USTC). The remaining 20% (160 million USTC) is planned to be sent to the Terra Classic community pool. This move is expected to be a significant step towards revitalizing the USTC stablecoin.
$LUNC community, an important proposal has come to light!
80% of the 800 million $USTC burned and 20% of the 800 million $USTC to the community pool (prop 11671)
This is the best middle ground that benefits both the community and the developers.
I'm voting yes! pic.twitter.com/njCWmTh3xm
— Levi | Fire Token (@LeviRietveld) August 3, 2023
USTC Quant Team Progresses on Repegging
In recent updates, the USTC Quant Team has made notable advancements in the process of repegging the stablecoin. They have established direct communication with Binance and are actively working on various initiatives to restore the value of USTC.
Repegging USTC is of utmost importance to the Terra Classic community. Successfully regaining its peg to the US dollar would be a significant achievement, providing a major boost to the entire Terra ecosystem. The team’s efforts are being closely watched by the community, anticipating a positive outcome for the stablecoin.
The Future of TerraClassUSD (USTC)
The future of USTC remains uncertain, but there is hope for improvement with the proposal to burn 640 million tokens.
If approved, this move would be a significant step in restoring the stablecoin’s value. Repegging USTC to the US dollar is a top priority for the Terra Classic community, and progress is being made by the USTC Quant Team.
While the outcome is yet to be seen, the recent developments are positive signs that USTC has the potential for recovery. The community’s efforts and the burning proposal offer hope for the stablecoin’s future stability.
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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