- The Terra Classic community penned two new $USTC-related proposals.
- Crypto giant Binance is asked to burn 50% of fees involving $USTC trades.
- $LUNC logs a green week with 2% gains but trades below key support.
The Terra Classic community recently proposed to stop minting the malfunctioning stablecoin Terra Classic USD (USTC). The re-posted proposal #11784 aims to assist the USTC Quant Team in their efforts to repeg the troubled stablecoin. This proposal is slated to close the minting loopholes for USTC to be minted via some still active swaps.
The follow-up proposal #11785 requests Binance to burn the trading fees accumulated from USTC spot and futures trading pairs. Currently, the globally leading crypto exchange burns 50% of Terra Luna Classic (LUNC) trading fees at the beginning of every month. At press time, 97% of members voted ‘Yes’, 2% voted ‘No,’ and 1% abstained.
Terra Community Approaches Binance to Start Fire
While certain prominent figures like Professor Edward Kim have left the Terra Classic community, the activity surrounding the blockchain’s discussion forum shows members are full of fresh ideas – one is to assemble the Six Samurai Team in chain restoration efforts.
The crypto behemoth Binance has been asked to assist in burning the malfunctioning stablecoin $USTC in the same way the crypto platform burns $LUNC. To date, Binance has destroyed over 37 billion LUNC. The tokens are set ablaze in monthly batches, compiling the trading fees on the exchange.
However, that barely reflected on Terra Luna Classic’s price chart in yearly terms, as the altcoin dropped by an eye-watering 80.7% after a chaotic 2022, which saw both $LUNC and $UST crumbling to pieces in days. At press time, the #99 ranked $LUNC trades at $0.00005805 with 1.9% daily gains, according to independent crypto price aggregator CoinGecko.
On the Flipside
- Community members have previously put up a similar proposal for Terra Luna Classic (LUNC) – a hard mint cap would make the cryptocurrency burn more detectable on the token’s price.
Why This Matters
The large and active community is eager to restore the blockchain via democratic measures.
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