Terra Classic community is considering a move to revitalize both LUNC and USTC. Part of their efforts to achieve this is to periodically burn assets. Recently, the community accepted a proposal to blacklist a wallet containing 800 million USTC tokens after months of discussions about potentially burning the tokens.
Although controversial, supporters of the proposal argued that blacklisting was the only appropriate move to persuade wallet holders to contribute to the effort to repeg the token.
With the proposal accepted, implementation of the plan to adjust codes to reflect the changes was set in motion with moves to update USTC data on CoinMarketCap on October 20.
Notably, Rexyz’s warning contrasts sharply with the claims of Vegas, one of the movement’s most prominent proponents. While Vegas acknowledged the code implementation for the blacklist and the update on CoinMarketcap, Rexyz’s alert claims that “the blacklist was not actually included in the code” at the time he published his post.
To support its claims, Rexyz argued that there were no legal documents showing that the blacklist was legal. Rexyz’s comments also underline the need to be careful in the wake of a potential large fluctuation. However, these claims have not yet been confirmed at the time of writing.
Koinfinans.com As we reported, USTC recorded a 7.30% jump overnight and its price stabilized at $0.0123. Amid the excitement surrounding the black wallet listing, market capitalization reached $110.38 million while trading volume increased by 251% to $18.1 million.
USTC Redoubles Repeg Efforts
USTC‘s (formerly UST) reign as the leading algorithmic stablecoin was short-lived when the token lost its $1 peg last year, dragging LUNA with it. The community remains committed to changing the landscape, and this push has received support from top industry giants like Binance.
Efforts to revitalize the USTC are not limited to burning it down. The core team managing the protocol recently adopted Proposal 8813 to issue 1.6 million USTC towards the execution of the Terra Classic grant program. Despite the consistency of these efforts, USTC remains 98% below its All Time High (ATH) of $1.05.