Fun

News Feed - 2023-09-24 03:09:11

Ciaran Lyons2 hours agoTerra Classic community elects to cease USTC mintingThe community strongly backs stopping TerraUSD Classic (USTC) minting and reminting in favor of burning tokens to restore its U.S. dollar peg.1085 Total views17 Total sharesListen to article 0:00NewsJoin us on social networksThe Terra Classic community has voted to cease all minting and reminting activities related to TerraUSD Classic (USTC) to reestablish a stable peg between USTC and the United States dollar.


In a recent proposal, the community voted 59% in favor of discontinuing the minting of USTC, while approximately 40% opposed the change.Terra Classic poll results. Source: Atom Scan


The move aims to safeguard the interests of both the community and external investors by reducing the supply of USTC, contributing to the goal of a repeg to the U.S. dollar.


In May 2022, USTC depegged from the U.S. dollar. Subsequently, it caused Terra to experience a catastrophic collapse, with Luna Classic (LUNC) closely tied to USTC. 


LUNC’s value plummeted by nearly 100%, setting off a broader downturn in the crypto markets, resulting in the loss of approximately $40 billion in total market capitalization.


The proposal stated that it would lead major crypto exchanges to burn USTC.


“Most importantly, this proposal opens the door for institutions like Binance to start burning USTC knowing that the minting and reminting is over,” the statement noted. 


Related: Lack of stablecoin regulation could push issuers out of US — Austin Campbell


This comes after reports that the Terra Classic community is concerned about an uptick in spam following a decline in LUNC prices.


On Sept. 10, Cointelegraph reported that the community is voting on multiple proposals, one of those being to raise the minimum deposit requirement from 1 million LUNC to 5 million LUNC.


The proposal ended on Sept. 16, with 93.22% in favor of increasing the minimum deposit requirement amount.


Magazine: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in# Cryptocurrencies# Adoption# United States# Voting# Stablecoin# Terra# LUNCAdd reactionAdd reactionRead moreHow to earn passive income with peer-to-peer lendingStablecoin exodus: Why are investors fleeing crypto’s safe haven?How are crypto firms responding to US regulators’ enforcement actions?

News Feed

The Asia-Pacific market is heating up for Bitcoin and Ethereum ETFs
Abel Seow3 hours agoThe Asia-Pacific market is heating up for Bitcoin and Ethereum ETFsTwo Bitcoin ETFs launched in Australia in June — after six Bitcoin and Ethereum ETFs launched in Hong Kong in April. We"ll see soon
Biggest Movers: DOGE Hits 9-Day High, as LTC Climbs 6% on Saturday
Biggest Movers: DOGE Hits 9-Day High, as LTC Climbs 6% on Saturday Dogecoin rose to its highest point in over a week, as Elon Musk requested that a lawsuit filed against him by inv
Congress Passes $1.2 Trillion Infrastructure Bill — Crypto Advocates Criticize Amended Broker Definition, Tax Code 6050I
Congress Passes $1.2 Trillion Infrastructure Bill — Crypto Advocates Criticize Amended Broker Definition, Tax Code 6050I Congress has passed the Biden administration’s bil
Crypto Exchange Bybit to Add New Restrictions for Unverified Users, Update Withdrawal Limits
Crypto Exchange Bybit to Add New Restrictions for Unverified Users, Update Withdrawal Limits Cryptocurrency exchange Bybit has announced upcoming changes to its know-your-customer
US State Issues Order Freezing Crypto at Exchanges in Pig Butchering Scam Crackdown
US State Issues Order Freezing Crypto at Exchanges in Pig Butchering Scam Crackdown The Delaware Department of Justice’s Investor Protection Unit has issued a cease and desi
Hundreds of Darknet Listings Are Selling Masks and PPE Products for Bitcoin
Hundreds of Darknet Listings Are Selling Masks and PPE Products for BitcoinAccording to a recent research report written by the blockchain surveillance firm Elliptic, there’s
Bitfinex CTO: Tether Is Registered and Regulated Under FinCEN- USDT Not Next Target of the US SEC
Bitfinex CTO: Tether Is Registered and Regulated Under FinCEN- USDT Not Next Target of the US SEC The CTO at Bitfinex Paolo Ardoino has pushed back against rumou
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has
Bakkt Acquires Turnkey Platform Apex Crypto to Bolster Digital Asset Footprint
Bakkt Acquires Turnkey Platform Apex Crypto to Bolster Digital Asset Footprint Digital asset manager Bakkt Holdings, Inc., announced on Thursday that the company has acquired the f
Indian Doctors Warn of Illegal Covid-19 Vaccine Sales for Bitcoin: Citizens Urged to Wait for Government Approved Vaccine
Indian Doctors Warn of Illegal Covid-19 Vaccine Sales for Bitcoin: Citizens Urged to Wait for Government Approved Vaccine Indian doctors have warned that the sal
Santander to Offer Loans Backed by Agricultural Commodity Tokens
Santander to Offer Loans Backed by Agricultural Commodity Tokens Santander is developing the possibility of offering loans backed by tokens that are collateralized in agricultural
David Attlee12 hours agoOnly 17% of Russians would agree to store more than $200 in CBDCThe most common hindrances cited include insufficient information about the technology (22%) and concerns about cybertheft and syste