Since the unfortunate Terra collapse in May 2022, members of the Terra Classic community have been steadfast in their quest to reclaim their investments and revive the project’s standing in the cryptocurrency sphere. Recent initiatives on the Terra Classic governance forum underscore their ongoing efforts.
Proposal #11785: Seeking Binance’s Contribution
One of the prominent proposals, labeled #11785, aims to implement a set of measures to facilitate the re-pegging of the heavily devalued TerraClassicUSD (USTC) stablecoin to the US dollar. In essence, this proposal calls for cryptocurrency giant Binance to burn 50% of the trading fees it accrues from USTC trading pairs on its platform. These pairs, including USTC/USDT and USTC/BUSD, have collectively recorded a trading volume of approximately $5 million in the past 24 hours.
Proposal #11786: Limiting USTC Minting
Simultaneously, another proposal within the Terra Classic governance framework, proposal #11786, seeks to impose restrictions on USTC minting. This would subject any minting activity to community voting while closing potential loopholes that contribute to the oversupply of the stablecoin. Currently, this proposal is met with strong contention, with 47.32% of votes in favor and 44.34% opposing the measure.
The Terra Classic community’s unwavering commitment to restoring USTC’s value to parity with the USD reflects an ambitious and determined mission. Despite trading at $0.012, with a 1% increase in the past 24 hours, the journey to revive USTC remains a challenging yet significant endeavor.