The TerraClassicUSD has increased by more than 35% in 24 hours as a re-peg proposal arises.
Following the well known demise of Terraform Labs’ stablecoin TerraUSD (UST) and its native token Terra (LUNA), the stablecoin TerraClassicUSD (USTC) has seen its price surge to a monthly high as the Terra Classic community embraces the re-peg proposal.
Tobias Andersen, a blockchain engineer and senior developer at Bitcoin Suisse AG, proposed a solution to the problem of massive amounts of uncollateralized Terra Classic’s USTC stablecoin and the hyperinflated supply of LUNC on October 9.
Following this, the TerraClassicUSD price surged to a new monthly high; the cost of USTC, Terra Classic’s algorithmic stablecoin, has risen by more than 37.44% and is presently trading at $0.04057 on October 10, up from $0.02989 only a day earlier.
According to statistics gathered from CoinMarketCap, STC has added $106 million to its market value in the last day.
Similarly, the Terra Classic (LUNC) token, which represents the Terra Classic network’s native governance and utility digital assets, witnessed a minor boost in value; LUNC is presently trading at $0.000317, up little more than 4.38% in the previous 24 hours.
Terra’s Terra proposal by Andersen
Andersen, who describes himself as a “die-hard crazy,” said on Medium that he is doing everything he can to “help heal the community and mend that which its creators abandoned.”
Among other things, the blockchain developer wishes to minimize the massive amount of debt accrued in May 2022 after the collapse of the Terra Classic ecosystem, which saw $60 billion wiped from the market between LUNC and USTC.
Andersen wants to recapitalize USTC through quantitative easing and tightening measures, but he won’t go into specifics. Furthermore, he believes that re-pegging USTC to its initial value of $1 is critical for Terra Classic’s long-term prospects.
Following the May disaster and the ensuing prosecution of Do Kwon and other project founders by Interpol, it is probable that the project’s future may not go as planned.
However, a recent burst of positive Terra Classic news, such as the recently implemented LUNC tax system and the de re-peg plan, along with an engaged community, may have a chance of revitalizing the Terra Classic environment.
Disclaimer: The information on this website should not be construed as investment advice. Investing is a risk. Your capital is at danger when you invest.
Expert in: Google Ads, SEM Expert, PPC Specialist, Paid Social, Facebook, Web Design and DeFi. I work exclusively with successful businesses that are looking to take things to the next level or ambitious startups who give themselves the means to do so. I have experience in many verticals: SaaS, finance, cryptocurrency, retail, real estate, law, IT, medical, pharmaceutical, travel and many more.