Terra’s USTC Increase by 300% with Bitcoin-Focused Recovery Strategy, Binance Perpetuals Listing Drives Speculative Excitement.
**TerraClassicUSD (USTC) Skyrockets 300% Amid Bitcoin-Backed Revamp Plan and Binance Listing**
*Remnants of Terra Ecosystem Surge in Speculative Frenzy*
**The Rise of USTC and LUNC**
TerraClassicUSD (USTC) and its sister token Terra luna classic (LUNC), which are remnants of the collapsed Terra ecosystem, experienced a significant surge in value this week. Fueled by a new Binance perpetuals contract listing and the emergence of a bitcoin-focused revamp and airdrop plan, the tokens saw a massive increase in demand and speculative trading.
**The Surge in Value**
According to CoinDesk data, USTC gained almost 300% in value, while LUNC saw a 60% increase in the same period, including a nearly 20% rise in the past 24 hours. This surge in value occurred as Binance introduced perpetual contracts for USTC with leverage of up to 50x, driving further speculation in the market.
**Anticipation of a Revamp Plan**
The rally was further fueled by increasing anticipation of a USTC revamp plan that would use bitcoin as a foundation. The vision for the revamp plan was outlined by the Bitcoin-focused payment project Mint Cash, which proposed a successor to Terra’s failed stablecoin, this time collateralized by BTC to mint tokens. Additionally, the developer team revealed plans for an airdrop for USTC and LUNC holders, adding to the excitement and speculative trading around the tokens.
**Unleashing a Speculative Frenzy**
The recent developments led to a speculative frenzy around the tokens, with trading volume for USTC exploding in the last few days, surpassing $1 billion in 24-hour activity. This surge in trading volume dwarfed the average volume seen earlier this month, according to CoinGecko data.
**Remnants of Terra**
USTC and LUNC are remnants of the tokens that underpinned the failed Terra ecosystem, which collapsed in May. By leveraging the new Binance listing and the proposed revamp plan, the community voted to stop minting new USTC tokens, aiming to reduce its hyperinflated supply through token burning schemes, demonstrating a commitment to revive the ecosystem around Terra Classic.
**Legal Troubles and Revival Efforts**
Following the collapse of the Terra ecosystem, Terraform Labs and its co-founder Do Kwon faced legal troubles, including charges by the U.S. Securities and Exchange Commission (SEC) for orchestrating a multi-billion dollar crypto asset securities fraud. Despite these challenges, developers deployed a new version of the Terra blockchain and introduced a new native token called LUNA, leading to the rebranding of the old blockchain to Terra Classic and the tokens to LUNC and USTC.
In the wake of the collapse and legal troubles, developers and the community have remained committed to reviving the ecosystem around Terra Classic, propelling the recent surge in value and trading activity surrounding USTC and LUNC.
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