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The leading exchange, Binance, has gained notable traction lately, following the exchange facing a pivotal moment after settling a $4.3 billion deal with the US Department of Justice and other regulatory bodies. Meanwhile, this resolution also coincides with the resignation announcement of former CEO Changpeng Zhao on Tuesday.
LUNC, the native token of Terra Classic, surged by a remarkable 45%, removing a zero from its price. This substantial market shift directly follows the approval of a crucial proposal by the Terra Classic community.
The Terra Luna Classic community has unanimously passed the proposal to disable USTC minting and reminding through raising Tobin tax to 100%. The community and developers are making several efforts to repeg USTC, ultimately helping the revival of the Terra Luna Classic chain and LUNC token.
In an unexpected turn of events, the prices of Terra Luna Classic (LUNC) and USTC tokens have skyrocketed by nearly 15% and 12%, respectively, over the past week. This surge in value has taken both the crypto community and investors by surprise, leaving many intrigued by the reasons behind this impressive rally.
The warning was issued by a community member named Rexyz, who expressed concerns that the circulating supply data displayed on CoinMarketCap may not provide an accurate representation of the algorithmic stablecoin's liquidity. Terra Classic Community Debates Blacklisting 800 Million USTC Wallet The Terra Classic community is contemplating strategies to revitalize both LUNC and USTC, including periodic asset burning.
The Terra Luna Classic community has been discussing whether to burn 800 million USTC to help revive LUNC. They initially voted to block a wallet with 800 million USTC, but now they're reconsidering due to worries from developers and validators who fear it might harm the blockchain.
On October 10, Terraform Labs took legal action by filing a motion in the U.S. District Court for the Southern District of Florida. They're seeking permission to investigate Citadel Securities' trading records.
LUNC price movement points to brief propulsion after community votes 55% in favor of key USTC burn proposal.
The Terra (LUNA) community has been busy in the past month with various developments and achievements in the cryptocurrency ecosystem. Here are some of the highlights:
Terra Luna Classic, the growing crypto community, has made waves by endorsing a pivotal proposal concerning a massive 800 million USTC token burn. This recent development sent ripples throughout crypto, pushing traders to hike their bids.
The Terra Luna Classic community has taken a significant step by approving a proposal to burn a massive 800 million USTC. The proposal, put forth by a well-known member of the LUNC community named Vegas, suggested blacklisting the Ozone Protocol wallet, which held the 800 million USTC.
The Terra Luna Classic community has officially passed the proposal related to burning 800 million USTC. The proposal by popular LUNC community member Vegas proposed to blacklist Ozone Protocol wallet containing 800 million USTC, freezing the tokens rather than destroying them without authorization.
Binance burns 1B of LUNC in the monthly burning batch. Is USTC up next in the crypto cremation chamber?
In a significant development, the Terra Classic community has chosen to end the minting and reminting of Terra Classic USD (USTC) tokens, marking a pivotal moment more than a year
TerraUSD Classic's (CRYPTO: UST) minting will cease after a community vote on the stablecoin's governance forum. This led to a 59% vote of approval to stop all USTC mining, while 40% opposed it.
In the realm of content creation, three essential elements come into play: “complexity,” “variability,” and “unpredictability.
Over 55% of voters supported the proposal that included the impossibility of minting and reminting of USTC without the approval of the Terra Classic community.
Following a decisive vote within the Terra Luna community, an initiative to stop the creation of the stablecoin formerly known as “terra usd” (commonly known as UST or USTC) was approved.
TerraUSD Classic, the stablecoin at the center of Terra's implosion, will no longer be minted.
The Terra Luna Classic (LUNC) community has voted overwhelmingly, with nearly 60% in favor, to cease the minting and reminting of Terra Classic UST (USTC) tokens. The drastic decision, in a decisive move aimed at rescuing the beleaguered Terra Classic stablecoin, comes in the wake of Terra's collapse in May 2022, which had sent shockwaves through the crypto market, leaving USTC's value in shambles.
Dark Clouds have always encircled the terra community, and minting is not new in the ecosystem. Recently, in response to the UST de-pegging crisis, the Terra Classic community has taken a crucial step to salvage the struggling Terra Classic UST tokens.
About 59% of voters were in favor of the move, which comes more than a year after the original Terra Luna collapsed.
To restore the USTC peg to the dollar, members of the Terra classic community will stop minting and re-minting the stablecoin.
The Terra Classic community has made the decision to halt all activities related to the minting and reminting of TerraUSD Classic (USTC) with the aim of reestablishing a stable peg to the actual US dollar. The communitys primary goal is to restore USTCs peg to the US dollar, which became disconnected in a significant incident in May 2022.
