USTC: Will Proposal To Re-Peg Stablecoin Push LUNC To $1?
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In one of the most catastrophic events to ever hit the crypto industry, the prominent algorithmic stablecoin TerraClassicUSD (USTC) – formerly UST – became depegged from the US dollar around a year ago. As a result, the Terra ecosystem crumbled, leading to uncontrolled minting and supply of Terra Classic (LUNC) tokens. However, in the latest developments, the Terra community is looking to approve a proposal to revive the ecosystem and restore USTC’s value peg with the US dollar. USTC Re-Peg Proposal On Saturday, 22nd April, a Terra community member known as RedlineDrifter submitted a proposal that aims to re-peg stable
Back in August 2023, the Terra Classic community passed a proposal that would see 800 million USTC incinerated. This move came about as the community worked to help the token recover and be re-pegged back to the US dollar. Naturally, the proposal passed and the community prepared for the massive…
On Monday, developers of the Terra ecosystem, which consists of Luna Classic (LUNC) — formerly known as Terra (LUN, TerraUSD (USTC), and Luna 2.0 (LUNA), proposed a revised expansion program for allocating 95 million LUNA ($248 million). As told by Terra, the new proposal is designed to incentivize development in…