Algorithmic Stablecoin USTC, a remnant of the collapsed Terra ecosystem, is on the rise, rising more than 300% after Binance listed the USDⓈ-M futures contract.
TerraClassicUSD (USTC) increased 310% after Binance launched Futures Contract
According to price data from CoinMarketCap , USTC- LUNC (formerly UST-LUNA) of the infamous Terra Classic ecosystem has made an impressive recovery over the past week, triggered by the news of the market's largest exchange Binance. announced the launch of USDⓈ-M USTC Perpetual Contract with leverage up to 50x.
#Binance Futures will launch the USDⓈ-M USTC Perpetual Contract at
— Binance Futures (@BinanceFutures) November 27, 2023
🗓Nov 27, 2023 12:30 (UTC).
Read more ➡️ https://t.co/faaIU0ARtl pic.twitter.com/8HGfX3cjEr
Specifically, USTC has increased 311% in the 7D frame as of the time of writing, currently fluctuating at 0.055 USD. Stablecoins are even expected by the community to soon return to 1 USD peg.
USTC price fluctuation on 7D frame, CoinMarketCap screenshot at 11:00 AM on November 30, 2023
The supporting LUNC coin also benefited from the news, up 64% on the weekly frame and currently priced at 0.0001226 USD.
LUNC price fluctuation on 7D frame, CoinMarketCap screenshot at 11:00 AM on November 30, 2023
On November 22, Terra Classic Foundation said it had reached a total of 589 thousand transactions. By November 28, the amount of fees from LUNC coin transactions reached a record of 580 million USD, Terra 's X account Chia .
~ 589k transactions yesterday. Wow 😲 pic.twitter.com/c1m22P7fRC
— Terra Classic Foundation (@TCF_Terra) November 23, 2023
One of the other growth drivers of stablecoins also comes from Mint Cash's USTC oriented conversion proposal, which has outlined a vision of bringing Bitcoin as a supporting asset for USTC.
🌎 The Vision and Path Forward for UST 2.0 🌕
— Mint Cash 🏛️♻️ (@wemintcash) October 9, 2023
Two days ago, we announced the launch of Mint Cash: a spiritual successor to TerraUSD (UST), a failed stablecoin that tried to become the largest decentralized currency for the masses.
The Mint Cash team would like to talk about why… pic.twitter.com/CQqkut3yCb
Additionally, Mint Cash also revealed they are working on an Airdrop plan for USTC and LUNC holders.
Entire team is at work nonstop building the $ USTC burndrop program we announced a couple of days ago
— Mint Cash 🏛️♻️ (@wemintcash) November 28, 2023
Did not anticipate this much attention on our work
Immediately after the collapse , the developers deployed a new version of the Terra blockchain, thus changing the name to Terra Classic and the Token LUNC and USTC, reflecting the ambition to revive the project. In September, the community proposed to stop Mint USTC to help the coin quickly return to the 1 USD mark.
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