Terra Luna Classic Passes Key Proposal To Repeg USTC To $1

The Terra Luna Classic community has officially passed 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 To End USTC Minting and Reminting

Terra Luna Classic proposal 11784 “Stop Minting and Reminting of USTC” is approved by the community. The proposal aimed at stopping all USTC minting and reminting to help repeg USTC to $1. It also stops other loopholes that prevent repeg such as converting xUST to mint USTC.

The proposal has received 55% “Yes” and 38% “No” votes, with some members choosing to vote “Abstain”.  The proposal has surpassed the “pass threshold”, receiving enough votes to stop minting and reminting of USTC.

35 validators participated in the proposal, with voter turnout still remains lower. Out of it, 22 validators including HappyCattyCrypto, DFLunc, 1maxfee, JESUSisLORD, StakeBin, and Lunanauts favored the proposal. Largest validator Allnodes voted “No”.

As 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. A proposal for Binance to burn 50% USTC and 50% LUNC is also passed by the community.

Read More: Terra Luna Classic (LUNC) Proposal For USTC Burn By Binance Officially Passed

LUNC and USTC Slide Lower

Terra Luna Classic and USTC prices drag lower despite significant proposals and updates by the community. Some believe the current developer team is inefficient in managing the chain, community wallet, and upgrades.

LUNC price jumped 1% in the last 24 hours, with the price currently trading at $0.000057. The 24-hour low and high are $0.0000566 and $0.0000582, respectively. Trading volume jumped 439% in the past 24 hours.

Meanwhile, USTC price also tumbled 1% in the past 24 hours, with the price currently trading at $0.012. Moreover, trading volume has also decreased further by 36% in the past 24 hours.

Also Read: Court Allows Mt Gox To Delay Repayments By Another Year, Bitcoin To Rally

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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