The problem in Terra Classic it’s:
as there’s no IBC, or something similar, you are not anchored to USDT or USDC like with LUNA2, you are anchored to USTC.
So people can convert their tokens and the two classic coins only with LUNC and USTC finally , there are no stablecoins.
Even the price of LUNC it’s divided by USTC. So no stability. No support price.
If USTC will survive, possibile LUNC rallying it’s slowing by UST. What is missed is to de-list UST and convert all remaining UST into LUNC, draining all the remaining liquidity into LUNC.
You can’t have both, if the other one it’s not collateralised to fiat.
This proposal is to have a single community with LUNC and not having Terra Classic divided into two coins-community.
You can vote this proposal, deposit and find it at no. 4510
bad idea ? lunc means nothing without ustc
in terra chat in telegram, you are advocating to destroy the lunc community, with your proposal here we will only wipe your ass, get out of here
Without a PEG there’s no more reason to have two gas fee coins. Nor two coin at all.
It’s just diluting market cap and liquidity.
You are forgetting to mention making another UST and giving it a fresh new start (would vote YES). Otherwise, it is a NO from me.
You keep making silly offers.
I have spent time and money supporting USTC with pair pools too, but it’s nonsense.
All i’ve seen it’s liquidity went from USTC to LUNC and viceversa. No stability.
It’s nonsense. Not only for LUNC itself, but also for all Terra Classic whitelisted tokens paired with LUNC and/or USTC.
You forget that UST collapsed because there was a lack of funds in BTC or FIAT currency (USD).
What is the point of creating a new UST if it can no longer be pegged with LUNC?
We still forget that governments are requiring escrow and hedging for all stablecoins, the others will be illegal. UST as it is now, with no funds or anyone to guarantee coverage cannot be used as a stablecoin, furthermore a coin that also does not have negative interest rates, cannot guarantee that the PEG will hold. Ethereum’s RAI is an example of this, and works on exactly the same anti-inflationary principle.
No I am not forgetting anything, good luck with the proposal, and cheers!
No… I don’t think its a good idea
I sold USTC and bought LUNC. No one needs USTC. There are many speculative coins. Now this is one of them. I agree with the proposal.
This is not a good idea. All USTC in circulation is bad dept because market module is disabled. Draining USTC liquidity is more or less stealing money from people.
Read the proposal.
Drain liquidity to LUNC and give them LUNC tokens instead their own USTC!
So a unique coin move all the ecosystem. It means more liquidity, bigger market cap!
@vedova bigger market cap there is only when the price go up. Deleting USTC and give LUNC mean create new LUNC that will be inflationary because the supply of LUNC become bigger. We are doing so much to let the 1,2% Tax burn to let the supply decrease, this is the only way price can go up, decrease circulation quantity.
So any proposal that is for issue new token must be NO WITH VETO.
Have you read it?
Who has written anything about “Minting” ?
It’s a buyback!
Buyback LUNC with USTC, and give those LUNC to USTC owners.
Buyback it’s deflationary. Please read and understand what CONVERT + LIQUIDITY move is meaning!
Sorry but maybe I do not understand.
Buyback LUNC with USTC mean that someone that have USTC need buy LUNC, now “the buyback on the stock market mean than a company that have a free cash flow that no need use, can buyback share of the company from other that want to sell”, in your proposal is, pay USTC to get LUNC but this mean also than another person will have USTC in the hand because he sold LUNC for USTC, so 1st who will pay for this LUNC cost (buy Lunc with USTC) to give to the USTC holder LUNC instead of USTC and second all the new USTC holder will be paid from who?
There is no sense in this proposal, just let the USTC live on is foot de pegged from LUNC.
PS: I read the title “Proposal #4510 - Convert all USTC into LUNC draining all liquidity into LUNC, and de-list USTC” where is write buyback (that is same not possible as I explain before?)
everything is done via smart contract the same as pairing, and everything else is made
Terra 2.0 has nothing to do with stable coins at all, let alone other stable coins on a different blockchain. DYOR failure.
Foolish proposal from a fool. Try knowing what you’re talking about.
First. Be educated. I’m not a member of your family.
Second. Luna 2.0 is paired with axlUSDT / axlUSDC via IBC, not some unstable coins as USTC which drain liquidity.
Third. Read again starting from the beginning this proposal, and also First - Second of this reply.
Terra 2 is not paired axlusdt or axlusdc as much as it’s not paired with any other axelar wrapped ethereum token.
Ustc is paired with lunc.
Foolish proposal written by a fool.