Terra Classic Community Decides to Halt UST Coin Creation with Strong Majority Support

B. Ali
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The Terra Classic community, a group of people using a digital money system, recently made a big choice. They were talking about whether to stop making a digital currency called Terra USD, often called UST. They held a vote, and most people in the group wanted to stop making UST. About 59.42% of the votes were in favour of stopping it.

In contrast, some people disagreed, about 40.56% of them, but the majority won, and they decided to change the software. This decision is going to have a big impact on how Terra Classic’s digital money system works in the future.

USTC’s Remarkable Price Journey: From Steady $1 to Volatile $0.0127

It is worth recalling that USTC, a cryptocurrency ranked 200th among thousands in the crypto world, recently experienced a 4% increase in its value in just one day, as of September 24, 2023. As a result, the single USTC coin is now worth $0.0127. However, things would be different if we rewind to before May 2022. USTC used to stay steady at $1 each, always matching the US dollar.

But on May 9, 2022, it broke away from this stable value and hasn’t returned to $1 since. This was a significant change in the Terra ecosystem’s history.

Terra Community Unites to Shape the Future of USTC and LUNA

Despite facing certain challenges, the Terra blockchain’s user and developer community has shown remarkable resilience. This blockchain is well-known for enabling people to trade between two types of coins: USTC and LUNA. However, this practice led to a significant increase in the supply of LUNA coins. Now, the community has come together with a plan to stop creating new USTC coins through a software change.

As mentioned above, an impressive 59.42% of community members have voiced their support for this idea. They aim to put an end to the production of fresh USTC coins while also addressing some existing issues. Hence, this decision marks a pivotal moment for the Terra blockchain and underscores the strength of its community in making important choices.

The main idea is pretty clear, as they want to stop making new USTC unless the Terra Classic community agrees. This plan also aims to prevent tricky moves, like converting xUST into USTC. They have asked the Algo Quant team for help to ensure USTC is worth the same as the US dollar again.

Furthermore, the Terra Classic community is working to reduce how many USTC coins are available, making it easier for USTC to have the same value as the US dollar. Simply put, they’re making rules to prevent USTC from being created without permission, fixing its value, and reducing how many of them are around.

Terra Community’s Optimism in Restoring UTC’s Value and Stability

On a positive note, the community feels optimistic about getting USTC back in sync with the U.S. dollar, a major topic for the past year. However, the proposal is all about protecting the community and the investors helping make USTC match the dollar again.

Currently, USTC is worth $0.012 each, but LUNA’s value is much lower, at just $0.00006206 per unit. Indeed, this is a huge drop from its highest value of $119.18, down by a whopping 99.99999%. So, there’s a lot of work to get things back on track, but the community is hopeful and working together to make it happen.

About B. Ali PRO INVESTOR

Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection.  Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis.