In order to facilitate the Columbus-5 upgrade, the community has decided to destroy 800 million #USTC , Terra's original stablecoin. Because of this burning, the supply of USTC will decrease while the demand for the updated, Cosmos-chain-friendly stablecoin, UST, will rise.
The creators of Terra, Terraform Labs, have released their newest community report, which highlights the ecosystem's growth and new developments. The report's scope is broad, encompassing subjects like "IBC Connect," "Station Wallet," "JAX," "Cosmos Terminal," "Cosmoverse 2023," "Proposition 4765," and more.
One of the most exciting innovations detailed in the study is JAX, a smart contract platform that enables JavaScript-based contract creation and deployment on the Terra blockchain. The goal of JAX is to make creating smart contracts easier so that more programmers will choose to work in the Terra ecosystem.
Cosmos Terminal, a web-based interface for interacting with numerous Cosmos apps, is also highlighted in the report as an attractive feature. Trading fungible and non-fungible tokens (NFT) on Terra and other IBC-connected chains is now possible using Cosmos Terminal.
Report from the Terra (LUNA) Community: Active Fires and New Features
The LUNC and USTC prices of TERRA responded favourably.
After a recent market-wide sell-off, cryptocurrency prices have begun to recover, led by a rise in the value of LUNC and $USTC . The eradication of 800,000,000 USTC tokens is a monumental occurrence that will likely contribute to the re-pegging of USTC and the resurgence of $LUNC .
The price of #LUNC has increased by 1% over the past 24 hours, and is now worth $0.000056. The 24-hour low was $0.0000556 and the 24-hour high was $0.0000574, therefore despite the rise, the price is still below the support level.
USTC, on the other hand, has maintained a price of $0.011 over the course of the last 24 hours. The low for the last 24 hours in USTC is $0.0109, while the high was $0.0111.
