The Terra Classic community has accepted the proposal, which aims to fix the price of USTC back to $1.
A poll that has excited the Terra Classic community has been completed. The community overwhelmingly accepted the offer to peg USTC to $1.
Community proposal 11487 covers various methods to move the price of USTC back to $1. While 50 percent of the community voted for this proposal, only 7 percent did not accept the proposal.
Plan to Deliver USTC for $1 Accepted
The Terra Classic community has accepted the latest USTC proposal. This proposal includes a re-peg plan to bring the price of USTC back to the old days.
The proposal, which was accepted by the community with a 50 percent yes vote, plans USTC buybacks and a clearing mechanism. In addition, the use of diversion fees and staking situations were also discussed. This proposal, accepted by the community, aims to make USTC 1 dollar with the necessary measures taken.
Opposing community members argued that it was almost impossible to get approval from central exchanges for the implementation of the proposal. Because the proposal will require CEXs to apply divergence fees to USTC sell orders below or above $1.
The proposal also includes reducing the circulating LUNC supply. According to this planning, LUNC will be purchased with 45 percent of the proceeds from USTC. These LUNCs will then be burned or staked to go out of circulation.
The proposal has already raised the hopes of community members. The Terra Classic community is raising expectations that USTC could be $1.
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