I have a question about the USTC peg.
When we invest now at 0.03 or sth and the USTC get pegged at 1$ again, do we get the whole profit or how is that working? I wonder why noone investing at the moment when it somewhere in the future will make 30x?
There is no reason $USTC will be pegged again.
LUNC Community wants repeg.
But we have some governance issues to solve first
The validators locked the staking of LUNC (therefore blocking the voting process)
We need the validators to vote the Re-enabling of Staking to get the governance of the LUNC chain back to the Community !!!
LUNC Community wants repeg.
It is not because you want something that it will magically happen. lol.
I dont understand that. Arent stablecoins the usage of LUNC chain? Why theres still USTC then? In general it is one of the most important project for the crypto market. Stable coins are necessary. So there are no plans to repeg it from the stuff? That’s a little bit sad in my opinion because many people lost money through this failed “stable” coin. So bring it back would at least safe all their money too.
The pegging mechanism has been disabled to avoid minting an infinite number of $LUNC.
Therefore, there is no technical reason $USTC will be pegged again.
It may pump or d ump as any other volatile assets for the moment.
If Community was given the power to vote again, they would certainly vote for a plan to repeg UST as it is an important value proposition of Terra/Luna (since the beginning)
There isn’t any money to repeg it
How do you plan to repeg it?
So why not enable it again? You dont need to worry about minting Lunc anymore, it almost reached over 95% of its max supply LOL
Btw… the slow motion in chat is annoying. XD
This is not a plan. This is a community-based initiative that cannot work mathematically speaking.
Also, you have no proof that this validator is burning $LUNC with its rewards.
Even if it is re-activated, it will not help the peg.
After disabling, can’t modify the mechanism? Let his total amount be fixed with a deflationary mechanism
Does anyone know what kind of gas is required to transfer lunc like an exchange, please help me
I’m not quite sure how the coding of $USTC works but from what I understand is when someone buys 1 USTC it is in essence created from nothing and sent to that wallet. Why can we simply not code to stop the creation of new USTC and make it so that the only way of purchasing USTC is from others. If this is not how USTC is created then I would assume that it is not just created when bought and destroyed when sold but it is exactly how other cryptos work. If this is the case then simple implement a percentage burn per transaction of around 1 to 2 %. This would cause USTC to skyrocket and it could also be used in conjunction with the first proposal. Once it is re pegged to a dollar it should be okay to reconnect to either LUNC or nothing at all as the price can then just be controlled in a similar way. Never issuing new coins under a set price of .9999USD. Causing natural demand to push it above .9999USD. There will also be no insentive for the price to go above 1$ because new coins will be issued when the price goes to 1.01$. This could solve all current problems and challenges but I am no expert.
USTC was created automatically by the network when the market price started to exceed $1: and it balanced out by burning LUNC (which reduced its supply, and nudged up LUNC price). That’s why Anchors popularity made LUNC’s price go up: a strong demand for USTC made LUNC worth more.
On the flip side: when USTC is oversold (and starts to be worth less than $1), LUNC was automatically minted. If the market believed that new LUNC was worth something all that would happen was that the expended LUNC supply caused a small price reduction… but things were still stable.
But in a ‘death spiral’ (what kills most algorithmic stablecoins, including UST/LUNC)… too much USTC gets sold all at once… more than can be offset by minting LUNC. The market doesn’t value LUNC so its price drops… but that’s the coin balancing USTC so it also drops… which causes more LUNC to be minted to offset USTC being worth less than $1… and all that new LUNC supply drops it’s price… and now you’re in a spiral that ends up minting trillions in LUNC that’s worth less every second… crap
If you want USTC to peg again: you need market orders to buy it for $1, for as many of those coins as the market will sell you. That will take $10 billion USD or more, that the project doesn’t have. As I type this USTC is about $0.03… so you can do your part buy offering to buy it at $0.04. Then $0.05… then… you get the idea…
From where you wanna transfer. Kucoin is chargin 2500LUNC per transaction. Binance is chargin 2LUNC and Terra station is charging less than 1LUNC.
the fact USTC still running something telling me the huge liquidity still there. maybe they wanted the old holder before crash to sell their losses. so then someone/entity/whoever still has a plan on this will buy them all and make USTC back to $1 or maybe more
We need a proposal to enable staking again.
A lot of validators will vote yes…since we need a new governance