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The price of TerraClassicUSD ($USTC), the algorithmic stablecoin in the Terra ecosystem that collapsed in May of this year, surged more than 90% in the past few days after blockchain engineers submitted a proposal to re-peg to the United States. . dollar.
The original Terra ecosystem collapsed earlier this year and was later rebranded as Terra Classic, while a newly forked blockchain took over the Terra brand.when Terra’s ecosystem collapsed and its circulating supply jumped from 340 million to 6.9 trillionto combat inflation, $LUNC proponents added a 1.2% tax to all transactions made on the network.
Terra Classic’s price surged earlier this month after major exchange Binance announced it would implement a mechanism to burn all trading fees on $LUNC spot and margin trading pairs. As reported, Binance CEO Changpeng Zhao noted that the exchange has burned about 5.6 billion of his LUNC tokens. Time worth over $1.8 million.
Tobias Andersen, currently a blockchain engineer and senior developer at Bitcoin Suisse AG, submitted a proposal outlining a solution to the problem of the uncollateralized TerraClassicUSD token. For the past few days. He’s up 48% in the last 24 hours.
Andersen’s suggestion It aims to “help heal the community and fix what was abandoned by its creators.” In a Medium post, the developer wants to get rid of the massive mountain of debt created during the collapse in the form of unsecured stablecoins and significant intellectual property drain.
The developer’s proposal is to use “split pools” and other solutions to recapitalize the USTC via quantitative easing and quantitative tightening. For developers, returning $USTC to the $1 mark supports Terra Classic’s long-term prospects.
Price quotes provided on CoinMarketCap were used by the $LUNC community Cryptocurrency prices will exceed 500% by the end of the year.
In particular, the popular cryptocurrency whale, known as Gigantic Rebirth on microblogging platform Twitter, A massive bet of around $8 million on Terra Classic.
The announcement referred to the second time GCR had done this. This trader is well known in the cryptocurrency community for shorting his Terra before the collapse, betting that the price of Dokwon himself and the $LUNA token would fall below that at the time. $92 line within a year. At stake was $10 million.
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