The Terra Luna Classic community is requesting that the crypto exchange Binance extend its support to burn USTC (Terra USD Classic) on a monthly basis, in addition to the current LUNC (Luna Classic) burn mechanism.
A new proposal, known as Proposal 11785 “Asking Binance to Start Burning USTC,” is currently being voted on by the Terra Classic Station community. The initial voting results show that 97% of the community supports the proposal, with 2% voting against it and 1% abstaining. Prominent validators, such as JESUSisLORD, have expressed their support for the proposal.
The aim of the proposal is to request Binance to burn USTC on a monthly basis, alongside the existing monthly burn of 50% LUNC. The community believes that having the world’s largest cryptocurrency exchange participate in burning the circulating supply of USTC will directly contribute to the successful re-pegging of USTC to the USD. This action is expected to help stabilize the USTC price and potentially increase the value of LUNC.
In parallel, the Quant USTC repeg team is working on strategies, including market swaps and automatic market makers, to repeg USTC to $1. However, their previous plan was not accepted by centralized exchanges. If Proposal 11784 “Stop USTC Minting and Reminting” is also approved, it could create an opportunity for large institutions to burn USTC, benefiting investors holding USTC or LUNC.
Currently, the price of LUNC is trading at $0.000057, showing mostly sideways movement in the last 24 hours. On the other hand, the price of USTC has increased by 3% in the past 24 hours and is currently trading at $0.0125.