Burn ustc in Oracle Rewards Pool

Motivation
Now when we’re working on a ustc repeg plan we need to stop any ustc distribution. It was unfair from the start. This burn will make repeg 10% easier (20% excluding TFL/contracts wallets). At this moment we are wasting ~1 million ustc every day for nothing.

Proposal
Burn ustc in Oracle Rewards Pool (terra1jgp27m8fykex4e4jtt0l7ze8q528ux2lh4zh0f).

4 Likes

UST’s burn is faster than Luna’s. I don’t know why they don’t start it. You could quickly reduce the amount of tokens in circulation and then create a pool with tokens that serve to maintain the peg

5 Likes

It is much more useful for the system to burn USTC than LUNC!!! :rocket:

8 Likes

100% agree, time for ustc burns. Only repeg make Terra great again.

6 Likes

Seems that not many are really interested in restoring peg. Sadly.

2 Likes

And much easily. But TR ignore any ustc proposals, without TR support validators dont want to vote. Remember the recent loss of 1.6m (100%~) ustc from the community pool, although lunc there is much more (1b).

1 Like

Tr is stealer with whales dont care to lunc community
Ustc is different stablecoin terra system
Justice coming

And freeze bankrupt terra ecosystem assets(anc protocol vs)
Agree this props

Do you think we should ask to help from CZ, after all? As I see, TR will continue gift ustc to the other side. Making repeg harder.

I think cz dont want to repeg ustc, he earn trades and volume exchange upper wallet only

I think the concern is that USTC has potential liability to a balance sheet in future litigations, as the coin was once promoted as a stablecoin (algorithmic or not). It could be years before this resolves, if ever. Until then, a repeg seems unlikely to me.

However, as a long term investor, i would consider buying USTC on any exchange that offers it at a discount or low price , and then move and swap it to LUNAC on terra station.

Could this help the Terra chain by moving cash from CEXs to Terra wallet, by burning inflated LUNAC, and by consuming USTC though on-chain swaps?

-just curious

the number of tokens in circulation is much less than Lunc. It could be reduced by burning and keep a small controlled amount.

3 Likes

If it is not burned I think it should be assigned to the development pool!

We just lost 10%.

Any news about ustc burns? Rebels support ustc?