LUNC Surges 18% and LUNA 33% After Successful Terra Luna Classic Proposal to Halt USTC Minting

Crypto News- In a watershed moment for the Terra Luna Classic community, the unanimous passage of Proposal 11868 marks a significant stride forward. The proposal, which advocates for the suspension of USTC minting and an elevation of the Tobin tax to 100%, reflects the collective efforts of the community and developers to initiate crucial changes aimed at reinvigorating the Terra Luna Classic chain and fortifying the position of the LUNC token.

LUNC Surges 18% and LUNA 33% After Successful Terra Luna Classic Proposal to Halt USTC Minting

Proposal 11868, specifically targeting the cessation of USTC minting and reminting, gains additional context from the aftermath of the 2022 Terra-LUNA crisis. It involves the deactivation of mechanisms that previously facilitated swapping between LUNC and USTC through the market module. This move is anticipated to bring about a comprehensive halt to market swapping activities and coin minting on the Terra Classic platform. Consequently, users will no longer have the ability to execute swaps between USTC and other stablecoins, thereby disabling USTC burn through such transactions.

It’s noteworthy that this proposal does not interfere with swapping coins through decentralized exchanges (DEXes) like Terraswap, ensuring continuity for existing pairs.

What distinguishes Proposal 11868 is not only its strategic significance but also the overwhelming support it garnered within the community. With a staggering 98.95% approval rate, and a unanimous nod from top validators, including influential names like Allnodes, Interstellar Lounge, HappyCattyCrypto, Interstake One, and JESUSisLORD, this proposal stands out as the first in months to secure unequivocal backing from validators.