- Edward Kim proposes the first step towards the revival of the stablecoin market in .
- Stablecoins in the Terra Classic ecosystem to support 23 major fiat currencies.
- The demise of the Terra ecosystem hinders trading in LUNC and various stablecoins.
Today, LUNC lead developer Edward Kim proposed to remove and protect the swap from the Terra stablecoin market. Terra Rebels member reXx spoke about this and asked for a comment on twitter.
The #LUC @edk208 community has proposed removing and securing Terra Swap from the stablecoin market. Please comment on the recent AgoraAgora: https://t.co/gbGuHvSC37
— reXx (@reXxTerraRebels) October 1, 2022
The plan claims that the Terra Classic ecosystem supports 23 major fiat currencies through stablecoins.
Due to the collapse of the Terra ecosystem, exchanges between LUNC and these stablecoins have been blocked; however, trading between these Terra stablecoins is still possible through the Terra-to-Terra Marketplace exchange module.
Edward Kim proposes to remove the Terra-to-Terra market swap module and secure the Terra stablecoin market.
Then the LUNC ecosystem will only support fiat currencies supported by the Terra Classic blockchain. This will effectively remove the Terra stablecoin market from the LUNC ecosystem and force users to use another stablecoin such as USDT or .
As a first step in his broader strategy to restructure the system with tighter capital controls, Kim believes it’s best to disable this feature to prevent further use of the network.
“We recommend either setting the Tobin tax at 100% or removing currency pairs from the whitelist through a management vote. We lean towards Tobin’s tax approach so that community members who wish to help create the oracle reward pool can do so by trading their stablecoins for USTC, thereby sending all tradable USTC to the oracle reward pool. »
In addition, it represents the start of the Terra Rebels roadmap, which was revealed on Thursday.
LUNC Core Developer’s post proposes to remove and secure the stablecoin first appeared in Coin Edition.
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