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. LUNC, USTC, and even LUNA witnessed a rally in the last 48 hours.
Terra Luna Classic Community Passes USTC Minting Proposal
Proposal 11868 “Fulfill prop #11784 by disabling USTC minting via raising Tobin tax to 100%” aimed at stopping the minting and reminting of USTC.
“The only minting of USTC currently happening on chain is through the market module, which allows burning a coin to mint another.”
After the 2022 Terra-LUNA crisis, the mechanism was disabled preventing swapping from and to LUNC through the market module. This will effectively disable all market swapping and such minting of coins on Terra Classic. Users will not be able to swap between USTC and other stablecoins, which will also disable USTC burn with swaps.
The proposal will not impact swapping coins through DEXes like Terraswap. This continues to be possible for existing pairs.
The proposal received 98.95% votes in favor, with majority support from top validators. Among the 55 validators who voted, 50 voted “Yes”. This includes validators such as Allnodes, Interstellar Lounge, HappyCattyCrypto, Interstake One, JESUSisLORD, and others, becoming the first proposal to receive unanimous support from validators in months.
Terra Ecosystem Tokens Rally
LUNC price jumped 18% in the past 24 hours, with the price currently trading at $0.000084. The 24-hour low and high are $0.0000703 and $0.0000963, respectively. Furthermore, the trading volume has increased by 300% in the last 24 hours, indicating interest among traders.
USTC price trades at $0.014, up 15% in the past 24 hours. The 24-hour low and high are $0.012 and $0.017, respectively. The trading volume has also jumped significantly.
LUNA price climbed 33% in the past 24 hours, with the price currently trading at $0.73. The 24-hour low and high are $0.55 and $0.87, respectively. Furthermore, the trading volume has increased by 300% in the last 24 hours, indicating interest among traders.
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