The altcoin project, which also attracts interest from Turkish crypto investors, continues its recovery moves. The Terra Luna Classic community accepted the USTC’s key proposal to stop minting. After this, the tokens in the ecosystem (LUNC, USTC and LUNA) rallied.
Terra Luna Classic community accepts key USTC offer
The altcoin community accepted the proposal to disable USTC issuance and increase the Tobin tax to 100%. The community took the decision unanimously. The community and developers are making various efforts to reprint USTC. Ultimately, they are helping to revive the Terra Luna Classic Blockchain and the LUNC token. LUNC, USTC and even LUNA have witnessed a rise in the last 48 hours.
11868 “Disable USTC issuance by increasing the Tobin tax to 100%. The proposal “For this, follow recommendation 11784” aims to stop the printing and reprinting of USTC. Currently, the only USTC minting that takes place on the Blockchain is through the market module, which allows burning one cryptocurrency to mint another.
What does the proposal mean for the altcoin project?
cryptokoin.comAs you follow from , after the 2022 Terra-LUNA crisis, the mechanism that prevented swaps to and from LUNC via the market module was disabled. This will effectively disable all market exchanges and minting of such cryptocurrencies on Terra Classic. Users will not be able to swap between USTC and other stablecoins. This will disable USTC from going near by exchange. The proposal will not affect altcoin exchanges through DEXs such as Terraswap. This will continue to be possible for existing pairs.
The proposal received 98.95% votes in favor, with majority support from top validators. Of the 55 validators who voted, 50 voted “Yes.” These include validators such as Allnodes, Interstellar Lounge, HappyCattyCrypto, Interstake One, JESUSisLORD and others. Meanwhile, it was the first proposal to receive unanimous support from validators in months.
Terra ecosystem tokens started to rally!
LUNC price increased by 18% in the last 24 hours. The altcoin was trading at $0.000084 at the time of writing. The 24-hour low and high price are $0.0000703 and $0.0000963 respectively. Additionally, trading volume increased by 300% in the last 24 hours, demonstrating the interest among traders.
USTC price increased by 15% in the last 24 hours, reaching $0.014. The 24-hour lowest and highest price for the token were $0.012 and $0.017 respectively. Meanwhile, USTC trading volume has also increased significantly. LUNA price increased by 33% in the last 24 hours. The altcoin was trading at $0.73 at the time of writing. The lowest and highest price of 24 hours were $0.55 and $0.87 respectively. Additionally, trading volume increased by 300% in the last 24 hours, demonstrating the interest among traders.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!