Terra Luna Classic community has made a significant decision by officially passing a proposal that discontinues all minting and reminting of USTC, the stablecoin associated with the project. The primary objective of this proposal is to repeg USTC back to its intended value of $1, in addition to reviving the LUNC token.
Excitingly, this decision also opens up an opportunity for entities like the well-known crypto exchange, Binance, to initiate the burning of USTC, as the minting and reminting process is now terminated.
Terra Luna Classic to Put an End to USTC Minting and Reminting
The Terra Luna Classic community, driven by proposal 11784, has successfully approved the measure to halt all USTC minting and reminting operations. This proposal holds the potential to rectify the USTC stablecoin’s peg and effectively supports its value at $1.
Moreover, it addresses various loopholes that might hinder the successful repeg, such as the conversion of xUST to mint USTC.
With a voting outcome of 55% in favor of the proposal, 38% opposing, and some members choosing to abstain, the proposal has surpassed the required “pass threshold.”
Despite a somewhat lower turnout, a total of 35 validators actively participated in the voting process. Notably, validators like HappyCattyCrypto, DFLunc, 1maxfee, JESUSisLORD, StakeBin, and Lunanauts voted in favor of the proposal, while the largest validator Allnodes opposed it.
As this significant proposal is successfully passed, entities, including prominent crypto exchange Binance, can now commence the burning of USTC since minting and reminting activities have ceased.
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In this regard, the community intends to approach Binance to request the burning of USTC. However, it should be noted that trading volumes remain relatively low. Furthermore, another community-approved proposal seeks the burning of 50% USTC in a bid to further strengthen the ecosystem.
Unfortunately, despite these significant proposals and updates initiated by the community, the Terra Luna Classic and USTC prices have experienced a downward trend. Some critics attribute this decline to concerns over the efficiency of the current developer team in managing the chain, community wallet, and upgrades.
In the last 24 hours, the price of LUNC has shown a slight increase, reaching its current trading value of $0.00005974. During this period, the lowest and highest recorded prices were $0.0000566 and $0.0000582, respectively. Furthermore, there has been a notable surge of 439% in the trading volume during the past 24 hours.
On the other hand, the price of USTC has unfortunately dropped in the same 24-hour period, presently trading at $0.01241.