Terra Proponents Hope To ‘Defy The Odds’ By Returning Defunct Stablecoin USTC To $1 Parity – Altcoins Bitcoin News


It’s been six months since Terra’s algorithmic stablecoin UST (now USTC) depreciated against the US dollar, and the price has fallen from the dollar since May 9, 2022. Terra Classic supporters believe the USTC has a chance to regain its pole position.

Terra supporters want to reject the once stablecoin USTC

Amidst the frenzy over FTX’s collapse, fans of another laggard crypto project want to bring Terra Money’s former stablecoin UST (now USTC) back into the $1 price range. It’s been a lot discussion about the topic on social media, although the token terraclassicusd (USTC) is not close to the face value of the dollar. That didn’t stop Terra Classic supporters from trying to rally support for the now-defunct Terra token. “Let’s reject the USTC” an individual he tweetedthere are others shared images The price of the USTC went up to $1, complete with rocket emojis.

In addition to a number of fans of the Terra Classic blockchain, Will Chen, R&D developer at Terran One and former developer of Terra Money, spoke about USTC’s repegging capabilities. “The USTC repeg is the first time something like this has been attempted by a community on this scale,” Chen said he said. “Like LUNC, once communal efforts to reject USTC gain progress/momentum that defies the odds and surprises all non-believers, everyone will want to join.”

Terra Proponents Hope To 'Defy The Odds' By Bringing Now-Defunct Stablecoin USTC Back To $1 Parity

Chen’s tweet received more than 1,154 likes on Twitter and was shared nearly 400 times since the tweet was posted. Terran One giant too he wished “good luck” to the community. Of course, getting USTC back to the $1 range would be a miracle, and this is an unprecedented achievement in cryptocurrency history. However, Chen’s optimistic tweet was criticized as many people believe that this feat is impossible. A man he wrote:

Is required [$9.5 billion] that no one has, or it burns [more than] 90% of USTC (= default). That’s good…but it’s going to require a lot more than slogans.

Fans of the Terra Classic blockchain disagreed with this assessment and said that debt cancellation is possible. “No, it doesn’t require it [$9.5 billion],” Individual he answered. “The market priced the debt below $200 million. [Luna Foundation Guard] assets still support debt through repurchases at USTC. Little inflation [LUNC] and the tax % can go towards clearing the debt. [Binance’s CEO CZ] can burn debt with spot trading fees,” the person added.

At the time of writing, USTC is currently trading at $0.020 per unit, and the cryptocurrency has fallen 3.5% against the US dollar in the last day. USTC’s value was significantly higher last month as the coin lost 50.9% in value over the past 30 days. Terra Classic’s LUNC price is even lower and is less than a penny per unit at $0.00015820 USD per LUNC.

USTC would need to rise 4,900% above its current value to bring it back into the $1 range. There are currently 9,805,804,874 USTC in circulation and the token recorded $15.33 million in auctions in the last day. While bringing USTC back to $1 is quite an achievement, the token is struggling to stay above two US pennies.

Tags in this story

$1 Parity, Altcoins, Crypto asset, depeg, depegging, Dollar Peg, FTX collapse, LUNC, now defunct stablecoin, Repeg, Repegging, Stablecoins, Terra Blockchain, Terra Classic, Terra Fans, Terra Money, Terra Supporters, terraclassid ( USTC) , USD, USD parity, USTC, Will Chen

What do you think of the Terra supporters hoping to return the USTC to the $1 parity it once held? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is Head of News at Bitcoin.com News and a fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.




Image credits: Shutterstock, Pixabay, Wiki Commons

Refusal: This article is for informational purposes only. This is not a direct offer or an offer to buy or sell or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or use of any content, goods or services mentioned in this article. .





Source link