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Terra Classic USTC Suddenly Up 12%, What's Happening?

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Thu, 20/10/2022 - 9:47
Terra Classic USTC Suddenly Up 12%, What's Happening?
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The value of TerraClassicUSD (USTC) is suddenly up 12% in the last 24 hours, hitting intraday highs of $0.042 at press time. This comes as most cryptocurrencies traded in the red and a few saw minimal gains. USTC's trading volume in the last 24 hours also jumped 180%, per CoinMarketCap data.

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At the time of publication, USTC was changing hands at $0.038.

While the reason for the sudden jump remains unclear, it might have been partly spurred by the new proposal that reduces tax burn to 0.2%.

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The Terra Classic community approved proposal 5234, which lowers the tax burn rate from 1.2% to 0.2% and sets aside an additional 10% of tax revenue for ecosystem contributors and infrastructure.

Voting was conducted by 83% of the community, and 82% of yes votes were cast in favor of the proposition. On Oct. 19, the new tax rate became effective with epoch 98.

Top crypto exchange Binance indicated support for the new tax as it announced updates to the deposit and withdrawal fees for LUNC and USTC on the Terra Classic network.

Binance subsequently reduced the 1.2% consolidation fee for all LUNC and USTC deposits received by Binance to 0.2%. Users will also receive the withdrawal amount minus withdrawal fees charged by Binance and the 0.2% tax burn.

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On Monday, Binance published the results of its third batch burn. According to the data updated on its website, LUNC tokens worth $659,300.76, or 2,500,382,131.16 LUNC, were sent to the burn address. At the time of writing, LUNC, the other token of the rebranded Terra Classic, was marginally up at $0.00025.

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