REXBOX –
The Terra Classic community, a fork of the original Terra network that collapsed in 2022, has voted to end the minting and reminting of its USTC stablecoin. The proposal, which received 59% of the votes, aims to protect the community and investors who have been burning USTC in hopes of restoring its peg to the US dollar. 
However, since the depegging of the original Terra UST stablecoin and the LUNA governance token in May 2022, USTC has been trading well below its target price. According to Coingecko, USTC is currently worth $0.01263788, a far cry from its intended value.
Terra Classic Community is Working Hard to Save the Project
The Terra Classic community said that any form of minting or reminting of USTC would go against the community’s efforts to re-peg the stablecoin. 
The community also said that the proposal would open the door for institutions like Binance, which accounts for 26% of the LUNA trading volume, to start burning USTC with confidence. LUNA is the native token of the Terra Classic network, which allows users to stake and participate in governance.
The Terra Classic network emerged as a separate network after the original Terra network, which was once the fourth-largest stablecoin by market cap, suffered a catastrophic collapse that triggered a market-wide crash. 
The original Terra network used a dual-token system, where UST and LUNA were supposed to balance each other’s supply and demand. However, a series of events, such as a hacker attack, a liquidity crisis, and a regulatory crackdown, caused both tokens to lose their peg and value.
The Terra Classic community has been trying to revive the network and the stablecoin but with little success. The community said that the proposal to end USTC production was a “final attempt” to save the project. However, some critics have argued that the proposal is too late and too little and that the network is doomed to fail.
SOURCE : https://rexbox.online/rexbox-terra-classic-community-decides-to-stop-ustc-stablecoin-production/
#Terra #Classic #Community #Decides

In recent weeks, Terra Classic (LUNC) has been on an upswing, basking in the green zone with a notable seven-day price surge of 13%. The altcoin has witnessed a remarkable 323.66% surge in the past 24 hours, propelling its value to $0.00006508. This represents an 8% gain in the midst of a generally passive cryptocurrency market. Nevertheless, the altcoin faces consistent selling pressure, as indicated by its Relative Strength Index (RSI), which has remained below 40 since mid-July.
Despite swings, experts and analysts are bearish on LUNC. Why the negative outlook? Let’s explore.
$120 Is a Distant Dream
The recent downturn in Bitcoin, dropping from $27,500, has exerted selling pressure on Terra Classic coin. This, in turn, has created an opportunity for Rex “Rexyz” Harrison, who has raised important concerns about the potential of LUNC. Harrison casts doubts on the likelihood of LUNC reaching its ambitious target of $120, an all-time high for the token. He believes that achieving a $1 price would require substantial community efforts, with the chances of LUNC hitting $120 appearing exceedingly low.

Supporting Harrison’s claims, on-chain data reveals a surge in short-liquidations for LUNC, recently surpassing $20,000. Additionally, LUNC’s Open Interest has risen by $1 million, signaling increased trading activity. However, with the long-short ratio dwindling to 0.67, a bearish correction seems likely.
Read More: Why are Terra (LUNA) and Terra Classic ( LUNC) Prices Surging Today?
Conditions for the $1 Price Point
Harrison outlines specific conditions for the community to reach the coveted $1 price for LUNC. He argues that 99.9% of LUNC’s circulating supply, which currently stands at 5.8 trillion, must be eliminated through burning or staking. This creates uncertainty about LUNC’s journey to $1, given Terra Classic’s current market capitalization of $374.12 million.
Harrison acknowledges that achieving a 90% reduction in circulation might be feasible through a combination of staking and burning, but this would still leave 690 billion LUNC tokens in circulation. The analyst believes that strong community support is essential to break through these resistance levels.
Does LUNC Need a Swap System? 
Furthermore, Harrison suggests that such an effort could potentially secure LUNC a $0.01 price, representing a staggering 15,269.87% growth from the current price. However, he notes that despite ongoing efforts, burning USTC tokens has made minimal progress in reducing the supply overhang. Additionally, burning LUNC itself has not significantly impacted the price.
All hope is not lost..
#Terra #Classic #LUNC #Price #Hit