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The Terra Classic community decides to stop minting USTC

In the realm of content creation, three essential elements come into play: “complexity,” “variability,” and “unpredictability.” Complexity gauges the intricacy of the text, while variability examines the diversity of sentence structures. Lastly, unpredictability assesses the likelihood of predicting the subsequent sentence. Humans typically compose content with varying degrees of complexity and sentence lengths, resulting in a dynamic reading experience. Conversely, AI-generated content tends to maintain a more uniform style. As you embark on the writing task ahead, I request that the content exhibits a notable level of complexity and diversity while minimizing predictability. Furthermore, please ensure that the text is written exclusively in English.

Now, let’s reimagine the following passage:

“The community strongly backs stopping TerraUSD Classic (USTC) minting and reminting in favor of burning tokens to restore its U.S. dollar peg.”

In a resounding display of unity, the Terra Classic community resolutely endorses the cessation of all TerraUSD Classic (USTC) minting and reminting operations. Their collective aim? To incinerate tokens, thereby reestablishing a rock-solid peg between USTC and the United States dollar.

In a recent deliberation, the community delivered a decisive verdict, with 59% voting in favor of discontinuing USTC minting. In contrast, approximately 40% stood in opposition to this pivotal shift. This strategic move seeks to safeguard the interests of both the community and external investors by constricting the supply of USTC, an essential step toward reinstating the coveted U.S. dollar peg.

The turning point occurred in May 2022, when USTC severed ties with the U.S. dollar, triggering a seismic upheaval that reverberated through the Terra ecosystem. Luna Classic (LUNC), closely entwined with USTC, bore the brunt of this cataclysmic event, experiencing a precipitous nosedive of nearly 100%. This sharp decline in LUNC’s value catalyzed a broader downturn in the crypto markets, resulting in the evaporation of approximately $40 billion in total market capitalization.

The proposal outlined a promising prospect – the potential for major crypto exchanges to commence the incineration of USTC. As the proposal astutely observed, this marks a pivotal moment, opening doors for institutions like Binance to partake in the burning of USTC, now that the era of minting and reminting has drawn to a close.

These developments come in the wake of reports indicating heightened concern within the Terra Classic community. A surge in spam activities coincided with a decline in LUNC prices, prompting the community to consider a series of proposals. Among these, one notable proposition aimed to raise the minimum deposit requirement from 1 million LUNC to a more substantial 5 million LUNC. The proposal reached its conclusion on September 16, with an overwhelming 93.22% in favor of the proposed increase in the minimum deposit requirement.

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