Black_background_logo_BitcoinWorld-removebg-preview
Blockchain News

Terra Classic Community’s Resilience Shines Through: USTC Proposals and Supply Restoration Efforts

In the Terra Classic ecosystem, a strong sense of dedication pulses within the community’s core. This unwavering commitment to restore the value of LUNC and TerraClassicUSD (USTC) to their intended $1 mark has recently materialized through unanimous backing for two pivotal proposals, both aimed at addressing the expansive USTC supply.

Diving into the Heart of USTC Proposals

Vegas, a prominent figure within the LUNC community, is at the forefront of these endeavours. On July 30, Vegas introduced “Proposal 11658,” a strategic move to redirect on-chain funds, specifically a substantial 800 million USTC initially reserved for the Ozone Protocol’s underwriting in March, back to the Terra Classic community pool. This course of action became necessary due to certain shifts from the original developmental roadmap, rendering these funds unutilized for their intended purpose. An overwhelming 70% community vote propelled the decision to repatriate these funds.

In swift succession, the community witnessed “Proposal 11660” on July 31. This subsequent proposal, intricately linked to its predecessor, championed the absolute incineration of the repatriated funds upon their return to the community pool. The mandate for this course of action was even more decisive this time, with an impressive 82.55% vote in favour. The intended immolation of the 800 million USTC tokens marks a substantial stride towards mitigating supply issues. This becomes particularly significant considering USTC’s previous divergence from dollar parity during the Terra debacle of May 2022 – a consequence of an inflation-triggering overproduction glitch.

A Compelling Sidebar: Allocation and Transfer of USTC

An intriguing facet of this narrative pertains to the allocation of 1 billion USTC by the Terra ecosystem, administered by the Luna blockchain, to an address under the guardianship of Risk Harbor (formerly known as Ozone Protocol). The purpose of this allocation was to nurture the burgeoning Terra ecosystem, fostering development within the realm of TeFi and related projects. However, a portion of these allocated funds – a precise 200 million USTC – found their way into exchanges, leaving those mentioned above 800 million USTC dormant within the designated address.

A Glimpse into USTC Quant Team’s Undertakings

Amidst these momentous proposals’ journey towards ratification, the relentless efforts of the USTC Quant Team have been instrumental in the re-pegging initiative. A recent development worth noting is the unveiling of the Quant Simulation tool by Redline Drifter, the visionary behind the Divergent Protocol model. This innovative tool is a testament to the team’s tireless pursuit of stability and community integration.

The Terra Classic community’s determination shines through as they rally behind transformative proposals to restore USTC’s value and address its supply concerns. As these initiatives progress and the Quant Team’s ingenuity shapes the ecosystem, the path to a reinvigorated Terra Classic seems promising, underpinned by unity and innovation.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.