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The Terra Luna Classic community seeking crypto exchange Binance to extend support to burn USTC monthly, along with the current LUNC burn mechanism. A new proposal seeks to ask Terra Luna Classic’s largest LUNC burner Binance to also burn USTC. It will help the community and the Quant USTC developer team to repeg USTC to $1.
Terra Luna Classic Community Proposes Binance to Burn USTC
Proposal 11785 “Asking Binance to Start Burning USTC” is up for voting on Terra Classic Station and the initial voting indicates the community favors the proposal. The deadline for voting on the proposal is September 21.
The proposal has received 97% “Yes” votes, indicating massive support from the Terra Luna Classic community. Also, it has 2% “No” and 1% “Abstain” votes. Validators such as JESUSisLORD have favored the proposal.
The community aims to ask Binance to start burning USTC monthly. Binance currently burns 50% LUNC in monthly burn mechanism and the community seeks to start burning USTC monthly with the remaining 50%.
“By having the largest cryptocurrency exchange in the world to help burn the circulating supply will directly contribute to the success of the re-peg of USTC to the USD.”
Binance burning USTC will help with repeg to USD and will also raise LUNC prices. Meanwhile, the Quant USTC repeg team is working to repeg USTC to $1 with several strategies including market swap and automatic marker maker. However, the plan has failed as centralized exchanges failed to agree to an earlier plan of the Quant team.
Also, if proposal 11784 “Stop USTC minting and reminting” passes, the community will get an added advantage. It may open the door for large institutions to burn USTC, which will benefit investors that hold USTC or LUNC.
LUNC price currently trades at $0.000057, moving mostly sideways in the last 24 hours. Meanwhile, USTC price jumped 3% in the past 24 hours, with the price currently trading at $0.0125.
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