In one of the most catastrophic events to ever hit the crypto industry, the prominent algorithmic stablecoin TerraClassicUSD (USTC) – formerly UST – became depegged from the US dollar around a year ago. As a result, the Terra ecosystem crumbled, leading to uncontrolled minting and supply of Terra Classic (LUNC) tokens.
However, in the latest developments, the Terra community is looking to approve a proposal to revive the ecosystem and restore USTC’s value peg with the US dollar.
USTC Re-Peg Proposal
On Saturday, 22nd April, a Terra community member known as RedlineDrifter submitted a proposal that aims to re-peg stable coin TerraClassicUSD to the dollar. This proposal will enforce a re-pegging mechanism that implements divergence fees on USTC trades that slip below or rise above the peg. In this mechanism, the accrued fees will be used to repurchase the asset.
Proposal 11487 – Signal – USTC Incremental Repeg, Buybacks, Staking, Swaps
Is now up for vote on Station. If you agr
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