Terra Luna Classic Community Seeks Binance Support to Burn USTC

Bombolo | News and Media

In a bold move to enhance the stability of Terra Luna Classic's native stablecoin, USTC, the community is urging crypto giant Binance to participate in a monthly USTC burning initiative alongside the existing LUNC burning mechanism. Under Proposal 11785, aptly titled "Asking Binance to Start Burning USTC," Terra Classic Station is currently hosting a vote, with an overwhelming initial show of support from the community. Voting on this proposal will conclude on September 21.

Also Read: LUNC Crypto Price Predictions and Terra Classic's Revival Prospects

Overwhelming Community Support for USTC Burning with Binance

Remarkably, Proposal 11785 has garnered an impressive 97% "Yes" vote from the Terra Luna Classic community, showcasing the widespread enthusiasm for this initiative. The remaining votes include 2% "No" and 1% "Abstain." Notably, even prominent validators such as JESUSisLORD have voiced their endorsement for this proposal.

The primary objective of this community-driven proposal is to request Binance's participation in a monthly USTC burning program. Currently, Binance burns 50% of LUNC in its monthly burn mechanism, and the Terra Luna Classic community aims to complement this by initiating the burning of USTC for the remaining 50%.

The Impact on USTC Repagination and LUNC Prices

The community firmly believes that involving the world's largest cryptocurrency exchange in burning the circulating USTC supply will directly contribute to the successful re-pegging of USTC to the USD. This collaborative effort is expected not only to aid in the USTC repagination process but also to potentially boost LUNC prices.

Also Read: BlackRock's Spot Bitcoin ETF: The Path to Success Despite Early SEC Rejections

Quant USTC Repagination Strategies

Simultaneously, the Quant USTC repagination team is diligently working on strategies to peg USTC back to $1. These strategies include market swaps and the implementation of an automatic market maker. It's worth noting that a prior plan proposed by the Quant team failed to gain the approval of centralized exchanges.

Additional Benefits with Proposal 11784

In the event that Proposal 11784, titled "Stop USTC Minting and Reminting," also receives approval, the Terra Luna Classic community stands to gain even more advantages. This proposal may pave the way for larger institutions to participate in USTC burning, benefiting investors holding USTC or LUNC tokens.

As of the latest data, the price of LUNC currently hovers at $0.000057, exhibiting mostly sideways movement over the past 24 hours. Conversely, USTC has experienced a 3% price increase during the same period, with the current trading price at $0.0125.

Also Read : Terra Classic's LUNC Token Burns Its Way to Potential Gains