The Terra Luna Classic community has unanimously agreed to disable USTC minting and reminding by increasing the Tobin tax to 100%. The community and developers are working hard to repeg USTC, which will ultimately aid in the reviving of the Terra Luna Classic chain and LUNC token. In the previous 48 hours, LUNC, USTC, and even LUNA have seen a rally.
Proposal 11868 “Fulfill prop #11784 by disabling USTC minting via raising Tobin tax to 100%” was passed by the Terra Luna Classic Community in order to stop the minting and re-mining of USTC.
“The only minting of USTC currently happening on chain is through the market module, which allows burning a coin to mint another.”
Following the Terra-LUNA crisis in 2022, the mechanism was disabled, preventing swapping from and to LUNC via the market module. This effectively disables all market swapping and coin minting on Terra Classic. Users will be unable to exchange between USTC and other stablecoins, preventing USTC burn with swaps.
The idea has no bearing on coin swapping via DEXes such as Terraswap. This is still doable for existing pairs.
The proposal obtained 98.95% approval, with top validators voting in favor. There were 50 “Yes” votes from the 55 validators who voted. Validators such as Allnodes, Interstellar Lounge, HappyCattyCrypto, Interstake One, JESUSisLORD, and others have backed the proposal, making it the first to garner universal support from validators in months.
Terra Ecosystem Tokens Rally
LUNC has increased by 2.73% in the last 24 hours, and is now trading at $0.00008396. The low and high for the day are $0.00007908 and $0.00008867, respectively. Furthermore, trading volume has grown by 300% in the last 24 hours, indicating that traders are interested.
USTC is currently trading at $0.01547, up 12% in the last 24 hours. The low and high for the day are $0.01218 and $0.01707, respectively. Trading volume has also increased dramatically.
The price of LUNA has risen 13.93% in the last 24 hours, and it is now trading at $0.8146. The low and high for the day are $0.6587 and $0.8562, respectively. However, trading volume has dropped by 62%, reversing the previous trend of more than 300%.
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