- The proposal seeks to terminate USTC minting & re-minting to repeg $USTC.
- LUNC community passed the key proposal #11784 on Friday 22nd, 2023.
- Terra Luna Classic (LUNC) picks up 10% following the community vote.
Terra blockchain’s malfunctioning algorithmic stablecoin Terra Classic USD (USTC) minting and re-minting is no longer available, as the Terra Classic community voted to stop all mint contracts immediately. 55% of LUNC members voted for the decision, backed by 35 large Terra blockchain validators, including JESUSisLORD, Happy Katty Crypto, StakeBin, and Lunanauts.
No More USTC Minting to Accelerate Burns?
This decision is part of the #BurnItAll initiative – the cryptocurrency burning campaign seeks to convince major crypto exchanges to burn both $LUNC and $USTC. Previously, this campaign burned the 800 million $USTC once allocated to the Ozone Protocol by Do Kwon.
So far, the largest burn contributor is Binance, having destroyed a colossal 36.98 billion Terra Classic tokens in total. The leading crypto platform accounts for over 50% of total $LUNC burns. Burning $LUNC trading fees in monthly batches, Binance is now encouraged by the Terra Luna Classic community to do the same with USTC.
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LUNC faces market correction after Friday’s 10% upsurge following the community decision. Spiking to $0.00006314 on Friday 22nd, 2023, at 9 AM, this resistance level didn’t hold for long, as the embattled altcoin retraced below the critical support at $0.00006 and now trades at $0.00005989, according to CoinGecko.
Despite the latest daily bull run, $LUNC is still down 7% in monthly terms. Nevertheless, according to a post by crypto chart analyst Crypto Anu, the neutral Relative Strength Index (RSI) points to 49.25, pointing to the struggling altcoin’s trading pattern nearing oversold condition.
On the Flipside
- Carried out on September 1st, 2023, the 13th Binance’s Terra Luna Classic burning ceremony ended up in destruction of 795.98 million $LUNC.
- Binance’s $LUNC burn procedures consist of 50% of accumulated Terra Classic fees in Spot trading pairs, falling below the one bn threshold for the first time.
Why This Matters
Terminating cryptocurrency mint contracts brings a maximum number of coins possibly coded.
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