Terra Clasic Community Vote: Stopping Minting Terra Classic USD (USTC)

According to the latest reports, it seems that Terra Classic took an important decision. Check out the latest reports below.

The community of Terra Classic (LUNC) has made the decision to cease all minting and reminting of Terra Classic USD, previously known as UST, the algorithmic stablecoin that led to the $45 billion collapse of the Terra ecosystem.

Terra’s users were able to freely exchange UST and LUNA, its companion cryptocurrency. However, when UST de-pegged in May 2022, the mechanism failed, resulting in trillions of LUNA tokens being minted, and the price of UST dropping below one cent.

A proposal to permanently halt this swapping mechanism, with the goal of protecting “the community and outside investors who are burning USTC helping to achieve the repeg,” earned 59% approval.

The Terra Classic community aims to assist the coin in regaining its initial $1 peg by destroying the trillions of tokens generated during its downfall.

Currently, only 75 billion tokens, approximately 1% of the nearly 6 trillion circulating tokens, have been burned, according to LUNC Metrics. The present value of USTC is $0.012.

After the Terra ecosystem’s collapse, Terraform Labs co-founder Do Kwon launched a new blockchain version, commonly referred to as Terra 2.0, while the Terra Classic community remained loyal to the original blockchain.

A financial analyst who accurately predicted the bottom of Bitcoin’s bear market in 2018 is now forecasting another downward trend for the cryptocurrency.

The analyst, who goes by the name Bluntz on X social media platform, believes that Bitcoin has formed a bearish lower-high pattern after failing to surpass its $27,000 resistance level last week.

Bluntz explains that Bitcoin is currently undergoing an ABC corrective movement, which could lead to a six-month low of approximately $23,800.

We suggest that you check out our previous article in order to learn more details about this.