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<p>The post <a rel="nofollow" href="https://coinpedia.org/news/terra-classic-community-urges-binance-to-burn-ustc-fees-for-stability/">Can Terra Classic’s New Proposals Save USTC? Here’s Everything You Should Know</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Following the unsettling collapse of Terra in May 2022, the Terra Classic community is debating a new proposal aimed at restoring stability to its <a href="https://coinpedia.org/news/will-terraclassicusd-ustc-ever-regain-its-peg-at-1/">TerraClassicUSD (USTC)</a> stablecoin. Central to the discussion is a proposition that nudges Binance, the world’s largest cryptocurrency exchange, to burn 50% of its USTC trading fees. This development adds another layer to the dramatic efforts to resurrect a project that once had a prominent standing in the crypto-verse.</p> 
<p>Two closely related proposals have been put forth on the Terra Classic governance forum, and they’re drawing significant attention from the community. Read on.</p> 
<h2 class="wp-block-heading" id="strong-proposal-11785-binance-burn-program-for-ustc-strong"><strong>Proposal #11785: Binance Burn Program for USTC</strong></h2> 
<p>The first proposal, fittingly labeled <a href="https://station.terraclassic.community/proposal/columbus-5/11785">#11785,</a> primarily revolves around persuading Binance to expand its existing fee-burning mechanism to USTC trading pairs. Presently, <a href="https://coinpedia.org/news/binance-us-in-turmoil-whats-behind-the-98-drop-in-trading-volume/">Binance</a> burns 50% of its trading fees from Terra Classic (LUNC) pairs. If this proposal garners acceptance, it would mark a substantial victory for the struggling USTC stablecoin. Binance facilitates trading pairs such as USTC/USDT and USTC/BUSD, collectively boasting a trading volume of approximately $5 million in the last 24 hours.</p> 
<p>The rationale is clear-cut: if the world’s most influential cryptocurrency exchange burns a portion of the USTC supply, it stands to reason that this move could fortify efforts to re-anchor the stablecoin to the US dollar and potentially revitalize the value of its counterpart, LUNC.</p> 
<h2 class="wp-block-heading" id="proposal-11786-curbing-ustc-minting">Proposal #11786: Curbing USTC Minting</h2> 
<p>Running in parallel with the first proposal is another initiative, known as<a href="https://station.terraclassic.community/proposal/columbus-5/11784"> #11786</a>, with the objective of restraining the minting of USTC. This initiative targets the closure of loopholes that enable unwarranted expansion of USTC’s supply. Here, the community is seeking a say in any prospective minting activities, thereby safeguarding against the arbitrary creation of the stablecoin.</p> 
<p>Read More: <a href="https://coinpedia.org/price-prediction/terra-luna-price-prediction/">TERRA LUNA Classic Price Prediction 2023, 2024, 2025: Will LUNA Recover To $1?</a></p> 
<h2 class="wp-block-heading" id="community-sentiments">Community Sentiments</h2> 
<p>As it stands, these proposals have generated polarizing opinions within the community. Proposal #11785 has garnered support from 41.11% of voters, while a significant 57.02% chose to abstain, with a mere 1.73% voting against it. The proposal concerning USTC minting limitations is also embroiled in a fierce contest, with 47.32% in favor and 44.34% against. It’s a tug-of-war, where each vote carries significant weight.</p> 
<p>The proposals don’t just represent mere governance changes; they embody the community’s ambitions and its resilience in the face of adversity. Meanwhile, USTC currently trades at a mere $0.012, a long way off from its intended peg to the US dollar. Only time will tell if these proposals can inject the much-needed stability and vitality into the Terra Classic ecosystem.</p>

Can Terra Classic’s New Proposals Save USTC? Here’s Everything You Should Know

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