Terra Classic Community Halts USTC Minting
Terra Classic (LUNC) community has voted to cease all minting and reminting of Terra Classic USD (USTC), the algorithmic stablecoin known as UST.
Terra allowed users to freely swap between UST and LUNA.
However, following the de-pegging of UST in May 2022, this mechanism failed dramatically.
A proposal aimed to protect “the community and outside investors who are burning USTC to help achieve the re-peg” has been passed with a 59% approval vote.
However, following the de-pegging of UST in May 2022, this mechanism failed dramatically.
A proposal aimed to protect “the community and outside investors who are burning USTC to help achieve the re-peg” has been passed with a 59% approval vote.
