A Terra Classic community member with the X handle Rexyz has kicked against burning USTC tokens to enable the stablecoin to recover its dollar peg.
According to the X post made on September 18, Rexyz outlines an alternative solution that may lead to USTC being re-valued $1 as well as push Terra Classic (LUNC) price to reach the $1 price mark.
Since the collapse of the Terra ecosystem in 2022, the USTC stablecoin has lost its dollar peg and now trades at 98.8% below the $1 mark.
Following this catastrophic event, members of the Terra Class community have continued to submit various proposals to burn more USTC contains as a deflationary mechanism that could result in the stablecoin recovering its dollar peg.
Currently, the Terra