The Terra Luna Classic community is actively pursuing a significant proposal to engage crypto exchange giant Binance in a monthly USTC (Terra Luna Classic’s native stablecoin) burning initiative. This move is intended to complement the existing LUNC (Terra Luna Classic native token) burn mechanism and contribute to the re-pegging of USTC to the USD.
Terra Luna Community Initiative
The Terra Luna Classic community has put forth Proposal 11785, titled “Asking Binance to Start Burning USTC,” for a community-wide vote on Terra Classic Station.
However, early voting results indicate overwhelming support for proposal, with 97% of votes in favor, 2% opposed, and 1% abstaining. Key validators, such as JESUSisLORD, have expressed their support for the initiative.
Moreover, the primary objective of this proposal is to request Binance, one of the world’s largest cryptocurrency exchanges, to participate in the monthly burning of USTC. Currently, Binance conducts a monthly burn of 50% of LUNC tokens, and the Terra Luna Classic community seeks to have them burn USTC monthly with the remaining 50%.
A Crucial Contribution
Engaging Binance in burning USTC is considered a significant step towards successfully re-pegging USTC to the USD. Also, the Luna Classic community anticipates that the involvement of the world’s largest cryptocurrency exchange in reducing the circulating supply will positively impact the LUNC ecosystem, potentially resulting in increased LUNC prices.
Quant USTC Repeg Efforts
In parallel, the Quant USTC repeg team is diligently working on strategies to restore USTC’s peg to $1. These strategies include market swaps and automatic market makers. However, an earlier plan by the Quant team faced challenges, as centralized exchanges were unable to reach an agreement.
Moreover, the approval of Proposal 11784, titled “Stop USTC minting and reminting,” could potentially open doors for large institutions to engage in USTC burning. This development would benefit investors holding USTC or LUNC tokens.
Current Terra Luna Market Snapshot
At present, the LUNC token is trading at $0.000057, exhibiting mostly sideways movement over the last 24 hours. Meanwhile, USTC has experienced a 3% price increase in the same period, with its current trading price at $0.0125.
The Luna Classic community’s proposal to involve Binance in the monthly burning of USTC underscores the determination of the community to stabilize and strengthen its ecosystem. Also, with significant community support and potential partnerships, Terra Luna Classic is positioning itself for further growth and potential price appreciation.
Read More:
Friend Tech Surpasses Tron and Ethereum in Daily Revenue with $1 Million Profit