Bitcoin Suisse AG senior developer submitted a proposal to re-peg USTC stablecoin & control hyper-inflated Luna classic.
USTC is a stablecoin, which was launched by Terraform Labs, a blockchain developer team which was founded by Do Kwon. Initially, USTC was launched with Lunc coin and both of these two crypto assets were interconnected via a protocol to maintain the value of each USTC exactly equal to $1 but during the extreme market volatility, both of the coins collapsed badly & resulted in the loss of huge funds.
On 9 October, Tobias Andersen, a blockchain engineer and senior developer at Bitcoin Suisse AG, shared a proposal to re-peg each value of USTC equal to $1 and also to handle the LUNC, which is currently under the hyperinflated supply.
As promised @ https://t.co/vPUWl8ToTC
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— Tobias Andersen (@ZaradarTR) October 9, 2022
The proposal submitted by the Bitcoin developer acted as a catalyst for USTC stablecoin.
At the time of writing this article, the trade value of USTC is $0.0567 and this price value of USTC is 37.25% high over the last 24 hours trade price and also this price value is the highest in this month.
The price of the LUNC coin is also showing a bullish signal because trade volume surged 22.66%, as per data available at Cointracking website Coinmarketcap. Due to the usual market downturn, the price of the LUNC coin is down by 6.46% over the last 24 hours trade price.
LUNC burn initiative of Binance
In the present time, Binance exchange is helping Lunc coin & its traders through a burn proposal.
In late September, Binance CEO Changpeng Zhao proposed Lunc coin burning initiative via a 1.2% trade fees system.
I answered the question about LUNC in my Twitter Space AMA just now.
Another option is to implement a feature to let users opt-in for a 1.2% trading fee themselves for burn. And see how many of the voting community do that first. Vote with your fees.
— CZ
Binance (@cz_binance) September 23, 2022
On 10 October, LUNCDAO announced that the Binance exchange burned a total of 3 billion Lunc coins under its proposal.
$3B BURN BY BINANCEhttps://t.co/01JSIzTWEP
I still think this is INCREDIBLE that it’s happening. It’s the only time Binance has ever done anything like this. They just sent $1M dollars to the burn wallet
Their burns and social media support helps the $LUNC community massively
—
ℕℂ
(@LUNCDAO) October 10, 2022
Read also: SEC former official Hinman certainly accepted bribes, Says BitBoy Crypto
Collapsed Terra stablecoin USTC surges by 37%, Here is why?
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https://bitcoinik.com/collapsed-terra-stablecoin-ustc-surges-by-37-here-is-why/feed/
