It Has Been Proposed by Terra Luna Classic That the USTC Should Cease Minting and Reminting Coins

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Last Updated on September 8, 2023 by Bitfinsider

A proposal to cease all USTC minting and reminting is presently up for vote within the Terra Luna Classic community. The proposal gives organisations like cryptocurrency exchange Binance permission to begin burning USTC after learning that the USTC minting and reminting has finished, while the community strives to repeg the USTC stablecoin back to $1 and revitalise LUNC.

Voting is now open on Proposal 11776, “Stop Minting and Reminting of USTC.” It seeks to put an end to any USTC minting or reminting done without the Terra Classic community’s consent. Nonetheless, several members of the Terra Luna Classic community claim that the plan was posted on the Commonwealth site without enough discussion.

Along with safeguarding the neighbourhood and foreign investors taking part in the burning of USTC, the idea closes loopholes such converting xUST to mint USTC. The Algo Quant team is working to burn USTC to lower supply and re-peg USTC to $1 in the interim.

Thus far, the plan has garnered 85% “Yes” votes and 15% “No” votes, suggesting that the community is in favour of it.

In addition, non-minting and reminting businesses such as cryptocurrency exchange Binance may begin burning USTC if the plan is approved. The community intends to request that Binance burn USTC, but there are less trades.

As this is going on, the L1 Terra Classic Task Force (L1TF) is getting ready to upgrade the Terra Classic chain to version 2.2.1.

Because to the low trading volume, the values of Terra Luna Classic and USTC are still moving horizontally with no upward impetus.

In the past day, the price of LUNC increased by 0.63% and was trading close to $0.000060. $0.0000601 is the 24-hour low, and $0.0000616 is the 24-hour high. Additionally, within the last 24 hours, trade volume has surged by 40%.

The price of USTC is currently trading at $0.012, up 1% over the previous day. But over the last day, the trading volume has somewhat dropped, suggesting that traders are not as interested.

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