In a significant development within the Terra Classic ecosystem, the community has overwhelmingly voted to discontinue all minting and reminting activities associated with TerraUSD Classic (USTC) in a bid to restore a stable peg between USTC and the United States dollar (USD).
The decision was reached following a recent proposal presented to the Terra Classic community, which saw a clear majority of 59% in favor of ceasing USTC minting operations. Approximately 40% of participants expressed their opposition to the proposed change.
The move comes as Terra Classic aims to address concerns surrounding the fluctuating value of USTC and to reestablish a more reliable peg to the USD. The decision reflects the community’s commitment to ensuring the long-term stability and usability of the USTC token.
Terra Classic Poll Results
This significant decision within the Terra Classic ecosystem marks a pivotal moment in the project’s evolution, demonstrating the decentralized nature of blockchain governance and the community’s proactive approach to preserving the stability of its native cryptocurrency, USTC. Terra Classic stakeholders will now be closely monitoring the effects of this move on USTC’s value and stability in the cryptocurrency market.
