- The Terra Luna Classic community has taken a decisive stride toward resilience and reform.
- Proposal 11868 has become a pivotal force in reshaping the USTC landscape.
- The aftermath of this decision has propelled LUNC, USTC, and LUNA into a notable rally.
In the aftermath of challenges faced by the Terra Luna Classic community in May 2022, there emerges a decisive stride toward resilience and reform. Stepping away from the tumultuous events associated with Do Kwon, the community is now steering a course of collective empowerment.
Terra Luna Classic Backs Proposal with 98% Vote
In a strategic move, the community disabled a crucial mechanism, halting market swapping and coin minting. Championing change, they unanimously supported Proposal 11868, a key step in stabilizing the platform by curbing USTC minting through a 100% Tobin tax.
Users are now unable to flip between USTC and other stablecoins, effectively putting an end to USTC burn through swaps. However, this won’t affect decentralized exchanges like Terraswap, where transactions for existing pairs remain unaffected.
The support for the proposal was overwhelming, with an impressive 98.95% of votes in favor. Notably, major validators threw their weight behind the decision, with 50 out of 55 voting a resounding “Yes.”
LUNA, LUNC, and, USTC Witness Price Surges
Following this development, the LUNC token saw an 18% surge, currently valued at $0.000084. Key low and high points during this period were $0.0000703 and $0.0000963, respectively. The trading volume also experienced a substantial 300% increase, signaling heightened interest among traders.
On the stablecoin front, USTC showed a 13% uptick, trading at $0.014 over the last 24 hours, with low and high points at $0.012 and $0.017, respectively. The trading volume for USTC also witnessed a significant boost.
The LUNA token witnessed an impressive 33% surge in the past 24 hours, currently priced at $0.74, with low and high points at $0.55 and $0.87. Similar to the other tokens, trading volume for LUNA shot up by 300%, showcasing heightened trader interest.
On the Flipside
- The decision to halt USTC burn through will have an impact on the overall tokenomics, this move could lead to unintended consequences within the ecosystem.
- Several other assets in the industry also experienced price increases during the same period. This broader trend suggests that external factors, beyond the community vote, could be contributing to the overall market movement.
Why This Matters
The Terra Luna Classic community’s resounding endorsement of Proposal 11868 marks a critical juncture in the platform’s evolution. By staunchly curbing USTC minting through a 100% Tobin tax, this move not only solidifies stability but sends ripples across the crypto landscape, showcasing the community’s commitment to reform and resilience.
To delve deeper into the resurgence of Terra Luna Classic and its impact on USTC burn, check out the details here:
Terra Luna Classic Blazes Back into Top 100 Amidst USTC Burn
Curious about how Terra Luna Classic is tackling challenges with a “Six Samurai Team”? Uncover the solutions here:
Terra Luna Classic Forms Six Samurai Team to Fix Terra Chain