{"id":551997,"date":"2023-09-19T17:00:50","date_gmt":"2023-09-19T17:00:50","guid":{"rendered":"https:\/\/wncen.com\/?p=551997"},"modified":"2024-06-11T14:29:25","modified_gmt":"2024-06-11T14:29:25","slug":"terra-validator-opposes-ustc-burning-pushes-alternative-plan-to-regain-dollar-peg","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/terra-validator-opposes-ustc-burning-pushes-alternative-plan-to-regain-dollar-peg\/","title":{"rendered":"Terra Validator Opposes USTC Burning, Pushes Alternative Plan To Regain Dollar Peg"},"content":{"rendered":"<p><span style=\"font-weight: 400\">A Terra Classic community member with the X handle Rexyz has kicked against burning USTC tokens to enable the stablecoin to recover its dollar peg.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to <a href=\"https:\/\/twitter.com\/RexYellerBelly\/status\/54644890?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E54644890%7Ctwgr%5Ed1cae6f844d4ca48f3c57621e9887882514610be%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fthecryptobasic.com%2F2023%2F09%2F19%2Fcan-terra-classic-reclaim-1-pundit-outlines-proposals-for-price-growth%2F\" target=\"_blank\" rel=\"noopener nofollow\">the X post made on September 18<\/a>, Rexyz outlines an alternative solution that may lead to USTC being re-valued $1 as well as push Terra Classic (LUNC) price to reach the $1 price mark.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Since the collapse of the Terra ecosystem in 2022, the USTC stablecoin has lost its dollar peg and now trades at 98.8% below the $1 mark.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Following this catastrophic event, members of the Terra Class community have continued to<a href=\"https:\/\/wncen.com\/all\/terra-luna-token-burn-proposal-greenlit-could-1-be-hittable\/\" target=\"_blank\" rel=\"noopener \"> submit various proposals<\/a> to burn more USTC contains as a deflationary mechanism that could result in the stablecoin recovering its dollar peg.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Currently, the Terra Classic community is voting <a href=\"https:\/\/station.terraclassic.community\/proposal\/columbus-5\/11785\" target=\"_blank\" rel=\"noopener nofollow\">on a proposal<\/a> that aims to direct the Binance exchange to start burning 50% of USTC every month. It is believed that if the world&#8217;s biggest exchange aids in reducing the circulating supply of USTC, it could significantly boost the token\u2019s rise to $1.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/all\/how-terra-luna-classic-token-burn-may-drive-lunc-and-ustc-to-1\/\" target=\"_blank\" rel=\"noopener \">How Terra Luna Classic Token Burn May Drive LUNC And USTC To $1<\/a><\/div>\n<h2><span style=\"font-weight: 400\">A Reverse Split Is More Efficient Than Buring Tokens, Community Member Says<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to Rexyx, burning USTC tokens may not be the best way of regaining the stablecoin\u2019s dollar peg. <\/span><span style=\"font-weight: 400\">The Terra Classic community member explains that there are currently 9.8 billion USTC tokens in circulation, and users will need to burn massive amounts of USTC to record any significant rise in value.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\u27a1\ufe0f LUNC to reach $1? \ud83e\udd14 \u2b05\ufe0f<\/p>\n<p>Its a long post, but this &#39;could&#39; rescue <a href=\"https:\/\/twitter.com\/hashtag\/TerraClassic?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#TerraClassic<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24LUNC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$LUNC<\/a> and <a href=\"https:\/\/twitter.com\/search?q=%24USTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$USTC<\/a> at speed. \u2b07\ufe0f<\/p>\n<p>Why I think burning <a href=\"https:\/\/twitter.com\/search?q=%24USTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$USTC<\/a> is maybe not the best use of your money.<\/p>\n<p>Currently there is nearly 9.8bn <a href=\"https:\/\/twitter.com\/search?q=%24USTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$USTC<\/a> minted, to make a real difference to the price you need to\u2026<\/p>\n<p>&mdash; Rexyz (@RexYellerBelly) <a href=\"https:\/\/twitter.com\/RexYellerBelly\/status\/54644890?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 18, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Alternatively, Rexyz proposes that the Terra community implements a reverse split of the USTC token, which leads to a revaluation of the stablecoin, albeit at some investment cost.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In this proposal, Rexyz gives an example, stating that if 100 USTC is the current equivalent of $1, a 100\/1 reverse split would convert 100 USTC to just one USTC token, which will now be valued at $1.\u00a0<\/span><span style=\"font-weight: 400\">Through this mechanism, USTC holders retain their holdings&#8217; current value, and there is no need to burn more tokens.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, Rexyz notes that a reverse split would erase all existing network debt. This means that USTC investors will have to forfeit whatever losses incurred during the collapse of the Terra ecosystem.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Could A USTC Reverse Split Rescue The Terra Classic Ecosystem?\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Interestingly, Rexyz also stated that the revaluation of the USTC token could initiate a recovery of the Terra Classic network.\u00a0<\/span><span style=\"font-weight: 400\">The community member explained that once USTC regains its dollar peg and the LUNC-USTC swap mechanism is tested with the implementation of improved capital controls, investors can start burning trillions of LUNC.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/wncen.com\/news\/ustc-surprises-with-nearly-60-rally-whats-going-on\/\" target=\"_blank\" rel=\"noopener \">USTC Surprises With Nearly 60% Rally \u2013 What\u2019s Going On?<\/a><\/p>\n<p><span style=\"font-weight: 400\">Rexyx believes this will lead to a <a href=\"https:\/\/wncen.com\/news\/terra-luna-classic-near-term-advance\/\" target=\"_blank\" rel=\"noopener \">massive rise in LUNC\u2019s value<\/a>, and the altcoin may even record new all-time highs. Rexyz advises the Terra community to implement the reverse split of USTC and \u201cpin\u201d their hopes of recovering past losses by investing in LUNC, which also lost 99.9% of its market value in 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, the Terra classic community member states this initiative should executed upon research and approval by the relevant experts.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large\" src=\"https:\/\/www.tradingview.com\/x\/F3qVCGNg\/\" alt=\"Terra\" width=\"1480\" height=\"906\"><\/p>\n<pre style=\"text-align: center\">USTC trading at $0.012 on the hourly chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/\" target=\"_blank\" rel=\"noopener nofollow\">USTCUSDT chart on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from Analytics Insight, chart from Tradingview<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A Terra Classic community member with the X handle Rexyz has kicked against burning USTC tokens to enable the stablecoin to recover its dollar peg. According to the X post made on September 18, Rexyz outlines an alternative solution that may lead to USTC being re-valued $1 as well as push Terra Classic (LUNC) price to reach the $1 price mark. Since the collapse of the Terra ecosystem in 2022, the USTC stablecoin has lost its dollar peg and now trades at 98.8% below the $1 mark.\u00a0 Following this catastrophic event, members of the Terra Class community have continued to submit various proposals to burn more USTC contains as a deflationary mechanism that could result in the stablecoin recovering its dollar peg.\u00a0 Currently, the Terra Classic community is voting on a proposal that aims to direct the Binance exchange to start burning 50% of USTC every month. It is believed that if the world&#8217;s biggest exchange aids in reducing the circulating supply of USTC, it could significantly boost the token\u2019s rise to $1. Related Reading: How Terra Luna Classic Token Burn May Drive LUNC And USTC To $1 A Reverse Split Is More Efficient Than Buring Tokens, Community Member Says According to Rexyx, burning USTC tokens may not be the best way of regaining the stablecoin\u2019s dollar peg. The Terra Classic community member explains that there are currently 9.8 billion USTC tokens in circulation, and users will need to burn massive amounts of USTC to record any significant rise in value. Alternatively, Rexyz proposes that the Terra community implements a reverse split of the USTC token, which leads to a revaluation of the stablecoin, albeit at some investment cost. In this proposal, Rexyz gives an example, stating that if 100 USTC is the current equivalent of $1, a 100\/1 reverse split would convert 100 USTC to just one USTC token, which will now be valued at $1.\u00a0Through this mechanism, USTC holders retain their holdings&#8217; current value, and there is no need to burn more tokens.\u00a0 However, Rexyz notes that a reverse split would erase all existing network debt. This means that USTC investors will have to forfeit whatever losses incurred during the collapse of the Terra ecosystem.\u00a0 Could A USTC Reverse Split Rescue The Terra Classic Ecosystem?\u00a0 Interestingly, Rexyz also stated that the revaluation of the USTC token could initiate a recovery of the Terra Classic network.\u00a0The community member explained that once USTC regains its dollar peg and the LUNC-USTC swap mechanism is tested with the implementation of improved capital controls, investors can start burning trillions of LUNC. Related Reading: USTC Surprises With Nearly 60% Rally \u2013 What\u2019s Going On? Rexyx believes this will lead to a massive rise in LUNC\u2019s value, and the altcoin may even record new all-time highs. Rexyz advises the Terra community to implement the reverse split of USTC and \u201cpin\u201d their hopes of recovering past losses by investing in LUNC, which also lost 99.9% of its market value in 2022. However, the Terra classic community member states this initiative should executed upon research and approval by the relevant experts. USTC trading at $0.012 on the hourly chart | Source: USTCUSDT chart on Tradingview.com Featured image from Analytics Insight, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":551998,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[89438,86067,86254,86122,86791],"class_list":["post-551997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-dollar-re-peg","tag-lunc","tag-terra-classic","tag-terra-collapse","tag-ustc"],"acf":[],"yoast_head":"\n<title>Terra Validator Opposes USTC Burning, Pushes Alternative Plan To Regain Dollar Peg<\/title>\n<meta name=\"description\" content=\"A Terra Classic community member has kicked against burning USTC tokens, suggesting another solution that may lead to the stablecoin re-peg.\" \/>\n<meta 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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