{"id":4024,"date":"2023-09-24T13:19:56","date_gmt":"2023-09-24T13:19:56","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=4024"},"modified":"2023-09-24T13:19:56","modified_gmt":"2023-09-24T13:19:56","slug":"terra-classic-community-voted-for-ustc","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/terra-classic-community-voted-for-ustc\/","title":{"rendered":"Terra Community Voted for USTC"},"content":{"rendered":"<p><strong>Terra Classic<\/strong> Community voted to halt all minting and reminting actions associated with <strong>TerraUSD Classic<\/strong> (USTC) as a crucial step towards restoring stability. So this decision is part of the effort to reestablish a stable linkage of <strong>USTC<\/strong> with US dollar.<\/p>\n<p>The Terra Classic community voted and accepted the halting for USTC &#8216;s minting with a 59% majority, considering it a significant step in addressing uncertainties that have recently affected the Terra Classic ecosystem.. About 40% of the community members, on the other hand, opposed the proposed change, reflecting differing viewpoints within the community.<\/p>\n<p>The primary goal of halting <strong>USTC&#8217;s<\/strong> minting is to protect the interests of both the <strong>Terra Classic<\/strong> community and external investors. This step aims to facilitate the re-establishment of a stable linkage to the U.S. dollar by reducing the supply of <strong>USTC<\/strong>, thereby creating a more predictable and trustworthy environment for all stakeholders.<\/p>\n<p>This crucial decision is one of the steps taken to build the <strong>Terra Classic<\/strong> ecosystem on a firmer foundation and reduce future uncertainties. Additionally the <strong>Terra Classic<\/strong> community will continue to contribute to the creation of a more stable financial environment with this change.<\/p>\n<hr \/>\n<blockquote>\n<p class=\"p1\">You might like: <a href=\"https:\/\/coinengineer.net\/blog\/degen-exchange-and-rollbot-com-are-closing\/\"><strong>Degen Exchange and Rollbot.com are Closing!<\/strong><\/a><\/p>\n<\/blockquote>\n<hr \/>\n<h1><strong>Past Problems: USTC<\/strong><\/h1>\n<p>The origin of this important decision by the <strong>Terra Classic<\/strong> community stems from an unexpected depreciation of <strong>TerraUSD Classic<\/strong> (USTC) against the U.S. dollar in May 2022. This unexpected event had widespread impacts on the <strong>Terra<\/strong> ecosystem and led to a serious crisis. Luna Classic (LUNC), tightly linked with USTC, bore the heaviest burden of this crisis.<\/p>\n<p>Following the departure of <strong>USTC<\/strong>, the value of <strong>Luna Classic<\/strong> (LUNC) dropped almost 100% and caused shock waves in the crypto markets. The dramatic fall in the value of <strong>LUNC<\/strong> triggered a broader recess across cryptocurrencies, resulting in a considerable loss of about 40 billion dollars in total market value.<\/p>\n<p>The proposal to halt the minting of <strong>USTC<\/strong> could have significant consequences for the crypto industry. In particular, it could encourage leading crypto exchanges to initiate the burning process of <strong>USTC<\/strong> tokens. These decisions are playing a crucial role for the future of <strong>Terra Classic<\/strong> project.<\/p>\n<hr \/>\n<p>You can share your opinions in the comments about the topic. Also, follow us on\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram<\/strong><\/a>,\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Twitter<\/strong><\/a>, and\u00a0<strong><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\">YouTube<\/a><\/strong>\u00a0for more content like this.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Terra Classic Community voted to halt all minting and reminting actions associated with TerraUSD Classic (USTC) as a crucial step towards restoring stability. So this decision is part of the effort to reestablish a stable linkage of USTC with US dollar. The Terra Classic community voted and accepted the halting for USTC &#8216;s minting with<\/p>\n","protected":false},"author":2,"featured_media":4023,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[1412,1414,1411,1413,1416,1417,1415],"class_list":["post-4024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-luna-terra-classic","tag-luna-terra-classic-price-prediction","tag-terra-classic","tag-terra-classic-news","tag-terrausd-classic","tag-ustc","tag-will-terra-classic-recover"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Terra Community Voted for USTC - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Terra Classic Community voted to halt all minting and reminting actions associated with USTC as a crucial step towards restoring stability.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/terra-classic-community-voted-for-ustc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Terra Community Voted for USTC - 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