- The proposal seeks to terminate USTC minting & re-minting to repeg $USTC.
- LUNC community passed the key proposal #11784 on Friday 22nd, 2023.
- Terra Luna Classic (LUNC) picks up 10% following the community vote.
Terra blockchain’s malfunctioning algorithmic stablecoin Terra Classic USD (USTC) minting and re-minting is no longer available, as the Terra Classic community voted to stop all mint contracts immediately. 55% of LUNC members voted for the decision, backed by 35 large Terra blockchain validators, including , Happy Katty Crypto, StakeBin, and Lunanauts.
No More USTC Minting to Accelerate Burns?
This decision is part of the #BurnItAll initiative – the cryptocurrency burning campaign seeks to convince major crypto exchanges to burn both $LUNC and $USTC. Previously, this campaign burned the 800 million $USTC once allocated to the Ozone Protocol by Do Kwon.
Sponsored
So far, the largest burn contributor is Binance, having destroyed a colossal 36.98 billion Terra Classic tokens in total. The leading crypto platform accounts for over 50% of total $LUNC burns. Burning $LUNC trading fees in monthly batches, Binance is now encouraged by the Terra Luna Classic community to do the same with USTC.
LUNC faces market correction after Friday’s 10% upsurge following the community decision. Spiking to $0.00006314 on Friday 22nd, 2023, at 9 AM, this resistance level didn’t hold for long, as the embattled altcoin retraced below the critical support at $0.00006 and now trades at $0.00005989, according to CoinGecko.
Despite the latest daily bull run, $LUNC is still down 7% in monthly terms. Nevertheless, according to a post by crypto chart analyst Crypto Anu, the neutral Relative Strength Index (RSI) points to 49.25, pointing to the struggling altcoin’s trading pattern nearing oversold condition.
On the Flipside
- Carried out on September 1st, 2023, the 13th Binance’s Terra Luna Classic burning ceremony ended up in destruction of 795.98 million $LUNC.
- Binance’s $LUNC burn procedures consist of 50% of accumulated Terra Classic fees in Spot trading pairs, falling below the one bn threshold for the first time.
Why This Matters
Terminating cryptocurrency mint contracts brings a maximum number of coins possibly coded.
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