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Following a decisive vote by the Terra Classic community, an initiative to halt the creation of the previously termed stablecoin, terra usd (commonly referred to as UST or USTC), has been approved. Despite 40.56% opposition, 59.42% of the vote gave the nod for the software update.
The Terra Classic community has voted to stop the minting and reminting of Terra Classic UST tokens, hoping this will help the failed stablecoin regain its value.
In a recent development, the Terra Classic (LUNC) community has voted to cease all minting and reminting of Terra Classic USD (USTC), the algorithmic stablecoin formerly known as UST. This move comes after a tumultuous period that saw the Terra ecosystem's value plummet from $45 billion.
In a significant move aimed at restoring stability, the Terra Classic community has voted to halt all minting and reminting activities associated with TerraUSD Classic (USTC). This decision comes as part of a broader effort to reestablish a stable peg between USTC and the United States dollar.
The Terra Classic community has decided to stop making and remaking TerraUSD Classic (USTC) tokens. They did this to make sure that USTC's value stays stable and equal to the U.S. dollar.
The community strongly supports discontinuing TerraClassicUSD (USTC) minting and reminting, actively engaging in USTC burning to restore its peg against the US dollar.
The algorithmic element core to the stablecoin that led to the $45 billion collapse of the Terra ecosystem in 2022 has been turned off.
The vast majority of Terra Classic members vote to put an end to $USTC minting.
This decision also creates an opportunity for entities like Binance to burn USTC, as the minting and reminting process has been terminated. Terra Luna Classic to Halt USTC Minting and Reminting Terra Luna Classic's community has given the green light to Proposal 11784, which puts a stop to the minting and reminting of USTC stablecoin.
The Terra Luna Classic community has made a decision to halt the minting and reminting of USTC tokens as part of their efforts to bring the stablecoin back to its $1 value and revive the LUNC token. This move also allows entities like the crypto exchange Binance to begin burning USTC tokens now that the minting and reminting process has ended.
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
The Terra Luna Classic community has passed a major proposal to ask crypto exchange Binance to burn USTC alongside LUNC in its burn mechanism. The community believes Binance burning USTC will help speed up the USTC repeg efforts by the Quant team and will also raise the value of LUNC.
A Terra Classic community member with the X handle Rexyz has kicked against burning USTC tokens to enable the stablecoin to recover its dollar peg. According to the X post made on September 18, Rexyz outlines an alternative solution that may lead to USTC being re-valued $1 as well as push Terra Classic (LUNC) price to reach the $1 price mark.
Following the unsettling collapse of Terra in May 2022, the Terra Classic community is debating a new proposal aimed at restoring stability to its TerraClassicUSD (USTC) stablecoin. Central to the discussion is a proposition that nudges Binance, the world's largest cryptocurrency exchange, to burn 50% of its USTC trading fees.
Terra's community is looking for prolific ways to accelerate burns in the USTC repeg crusade.
They also talked about burning some of their own cryptocurrency, LUNC. This was all part of a plan to make sure the value of USTC stays close to $1.
The Terra Luna Classic community seeking crypto exchange Binance to extend support to burn USTC monthly, along with the current LUNC burn mechanism. A new proposal seeks to ask Terra Luna Classic's largest LUNC burner Binance to also burn USTC.
Binance made an announcement today saying they're helping with the upgrade of Terra Classic (LUNC). This upgrade will happen when the blockchain reaches a specific point, called block height 14,514,000, at around 2:15 PM (UTC) today.
The Terra Luna Classic community declined a proposal to encourage the L1 Terra Classic Task Force (L1TF) core development team to test a market swap with a limiter. This swap function was disabled for LUNC and USTC after the 2022 Terra-LUNA crisis, and some believed it could help bring back USTC's value to $1 and revive LUNC's price.
The Terra Luna Classic turned down a proposal to urge the L1 Terra Classic Task Force (L1TF) core development team to test market swap with a limiter. LUNC and USTC market swap function was disabled after the 2022 Terra-LUNA crisis and can help repeg USTC and revive LUNC price to $1.
In a significant development within the Terra Luna Classic community, members are currently casting their votes on a proposal that could have far-reaching implications for the USTC stablecoin. The proposal seeks to bring the USTC peg back to its intended value of $1 and breathe new life into the LUNC token.
The Terra Luna Classic community is currently voting on 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
The Terra Luna Classic currently votes on a proposal by a developer to test market swap with a limiter by the L1 Terra Classic Task Force (L1TF) core development team. LUNC and USTC market swap function was disabled after the 2022 Terra-LUNA crisis and can help repeg USTC and revive LUNC price to $1.
In a dramatic twist of events within the Terra Luna Classic community, Proposal 11730, bearing the title “USTC / Stable Algo Quant Team,” has emerged victorious, receiving an emphatic stamp of approval. This remarkable turnaround comes after the proposal faced initial hurdles, primarily stemming from technical glitches linked to the Terra Station wallet.
