Terra Luna Classic Proposes To Stop USTC Minting And Reminting
The Terra Luna Classic community is currently voting on a proposal to stop all minting and reminting of USTC. While the community looks to repeg USTC stablecoin back to $1 and revive LUNC, the proposal opens the door for entities such as crypto exchange Binance to start burning USTC learning that the USTC minting and reminting is over.
Terra Luna Classic Proposal To End USTC Minting and Reminting
Proposal 11776 “Stop Minting and Reminting of USTC” is up for voting on Station. It aims to stop all minting and reminting of USTC without the approval of the Terra Classic community. However, some in the Terra Luna Classic community assert that the proposal was submitted without proper discussion on the Commonwealth forum.
The proposal also stops loopholes such as converting xUST to mint USTC, protecting the community and outside investors participating in burning USTC. Meanwhile, the Algo Quant team works to re-peg USTC to $1 and reduce supply by burning USTC.
Until now, the proposal has received 85% “Yes” and 15% “No” votes, indicating that the community supports the suggestion.
Furthermore, if the proposal is passed entities like crypto exchange Binance can start burning USTC due to no minting and reminting. The community is planning to ask Binance to burn USTC, but the trading volumes are lower.
Meanwhile, the L1 Terra Classic Task Force (L1TF) prepares for v2.2.1 core upgrade to bring significant change to the Terra Classic chain.
Read More: Terra Luna Classic Proposal To Revive USTC And LUNC To $1
LUNC and USTC Prices Remain Under Pressure
Terra Luna Classic and USTC prices continue to move sideways, lacking upside momentum as trading volume remains low.
LUNC price jumped 0.63% in the last 24 hours, trading near the $0.000060 level. The 24-hour low and high are $0.0000601 and $0.0000616, respectively. Moreover, trading volume has increased 40% in the past 24 hours.
Meanwhile, USTC price trades at $0.012, up 1% in the last 24 hours. However, the trading volume has decreased slightly in the past 24 hours, indicating a lack of interest from traders.
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