- Edward Kim suggests the first step to reviving the stablecoin market in Terra.
- Stablecoins within the Terra Classic ecosystem to support the top 23 fiat currencies.
- Terra ecosystem’s demise hinders LUNC and various stablecoin trading.
Today, LUNC core developer Edward Kim offered to delete and secure the Terra stablecoin market swap. Terra Rebels member reXx revealed this and asked for feedback in a tweet.
#LUNC community, @edk208 has proposed to remove and secure Stablecoin Market Terra Swap. Please comment on the recent agora
— reXx™ (@reXxTerraRebels) October 1, 2022
Agora:https://t.co/gbGuHvSC37
The plan claims that the Terra Classic ecosystem supports the top 23 fiat currencies through stablecoins.
Due to the collapse of the Terra ecosystem, trading between LUNC and these stablecoins was blocked; however, trading between these Terra stablecoins is still possible thanks to the Terra-to-Terra market swap module.
Edward Kim proposes to delete the Terra-to-Terra market swap and secure the Terra stablecoin market.
The LUNC ecosystem would then only support fiat currencies supported by the Terra Classic blockchain. This would effectively remove the Terra stablecoin market from the LUNC ecosystem and require users to use another stablecoin such as USDT or Tether.
As the first step in its larger strategy to restructure the system with tighter capital controls, Kim believes it is best to disable this capability to stop further network exploitation.
“It is our recommendation that we either set the Tobin tax to 100% or we remove fiat pairs from the whitelist via governance vote. We are leaning towards the Tobin tax approach so that community members who may want to help build the oracle reward pool could do so by swapping their stablecoins to USTC, thus sending all swapped USTC to the oracle rewards pool.”
In addition, it represents the start of the Terra Rebels roadmap, which was unveiled on Thursday.
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