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The Terra Luna Classic community recently had a vote to decide on something important. They wanted to ask the Binance crypto exchange to burn some USTC every month.
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They also talked about burning some of their own cryptocurrency, LUNC. This was all part of a plan to make sure the value of USTC stays close to $1.
Terra Luna Classic Community Proposes USTC Burn by Binance
There’s a proposal called 11785 on Terra Classic Station, and people are voting on it. The early voting results show that most of the community likes the proposal. The voting ends on September 21.
Right now, 97% of the votes are “Yes,” which means a lot of people in the Terra Luna Classic community support the proposal. There are 2% of votes that say “No,” and 1% say “Abstain.” Some validators, like JESUSisLORD, are in favor of the proposal too.
So, what’s this proposal about? The community wants to ask Binance, a really big cryptocurrency exchange, to start burning some USTC every month. Right now, Binance burns 50% of LUNC every month, and the community wants them to start burning 50% of USTC too.
The idea is that if the biggest cryptocurrency exchange in the world helps burn some of the circulating USTC, it will make it easier to keep the value of USTC close to the U.S. dollar.
If Binance helps burn some USTC, it will be good for making sure USTC stays close to $1 and it might make LUNC prices go up. The Quant USTC repeg team is also working on different ways to make sure USTC stays at $1. They tried one plan before, but it didn’t work because the big exchanges didn’t agree.
There’s another proposal called 11784, which is about stopping the making and remaking of USTC. If this proposal passes, it might let big institutions burn USTC, which would be good for people who have USTC or LUNC.
Right now, LUNC is trading at $0.000057, and it hasn’t moved much in the last 24 hours. But USTC has gone up by 3% in the last 24 hours, and it’s trading at $0.0125.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.