- The previous 48 hours have seen a rise in the price of LUNC, USTC, and even LUNA.
- The proposal was approved by a majority of expert validators and garnered a vote of 98.95%.
By increasing the Tobin tax to 100%, the Terra Luna Classic community has voted to halt USTC minting. Several repeg USTC initiatives have been launched by the community and developers, all of which should help bring the Terra Luna Classic chain and LUNC token back on track. The previous 48 hours have seen a rise in LUNC, USTC, and even LUNA.
To prevent further creation of USTC, proposal 11868 “Fulfil prop #11784 by disabling USTC minting via raising Tobin tax to 100%” suggests increasing the Tobin tax to 100%.
Almost Unanimous Vote
The mechanism that allowed LUNC to be swapped for other cryptocurrencies via the market module was turned off after the 2022 Terra-LUNA crisis. This prevents any further market trading or coin minting from occurring on Terra Classic. To prevent USTC burn with swaps, users will no longer be able to exchange USTC for other stablecoins.
Coin trading on DEXs like Terraswap will not be affected by the plan. For existing pairs, this option remains open. The proposal was approved by a majority of expert validators and garnered a vote of 98.95 percent. Fifty of the 55 validators who cast ballots agreed. For the first time in months, all validators (including Allnodes, Interstellar Lounge, and others) have agreed on a proposition.
According to CoinMarketCap, LUNC price surged all the way till $0.000095 before facing a brief retracement. At the time of writing, LUNC is trading at $0.00008396. In addition, the trading volume has surged by 34.56% in the last day. The price is consolidating, likely waiting for a breakout in either direction.
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