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Collapsed Terra stablecoin USTC surges by 37%, Here is why?

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Collapsed Terra stablecoin USTC surges by 37%, Here is why? 6

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.

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.

Collapsed Terra stablecoin USTC surges by 37%, Here is why? 4

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.

Collapsed Terra stablecoin USTC surges by 37%, Here is why? 5

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.

On 10 October, LUNCDAO announced that the Binance exchange burned a total of  3 billion Lunc coins under its proposal.

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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