USTC/USD (-7.24%)
TerraUST is meant to have a value of $1.00 at all times. Unfortunately, UST was de-pegged after an attack and have not made it's way back ever since. The circulating supply is quickly decreasing and the market cap too. The former stable coin used to be ranked as the 15th most important cryptocurrency and has fallen to top 50 when writing this. There is no information on its maximum supply, and it is minted by burning Terra (Luna). Since Terra's LUNA coin is more or less worthless, the money printing has taken LUNA from millions of coins to trillions.
A Bit About TerraClassic USD
To understand how this Terra token works, you first have to learn about the Terra classic ecosystem. In this ecosystem, the native cryptocurrency is Terra LUNA, and this backs several stablecoins on the network. These include the TerraClassicUSD and TerraClassicEUR. Each stablecoin is developed to track the value of its associated fiat currency. For example, Terra Classic USD tracks the value of the US dollar and had to maintain its value at 1 US Dollar, until the de-pegging occurred. Now, it's valued at 0.03 USD and might go down to zero one day if there is no proper recovery plan. While the value used to be maintained at 1 USD, the network does not store an equal amount of US dollars. Instead, it burns LUNA coins in order to mint new terra tokens. This means 1 USTC can be exchanged for about 0.03 USD worth of LUNA at any time. (This might change heavily, since the "classic" blockchain is unstable and Terra mainly focus on the Terra 2 blockchain now.
The TerraClassicUSD (former UST) is a not very solid stablecoin from Terra-classic blockchain, that got unpegged from the USD and never came back.CryptoLists.com
This is a decentralized stablecoin that runs on the Terra classic network. As a stablecoin that correlates to the US dollar, it aims at maintaining a price of $1.00 at all times, but this has failed and is not likely to go back to 1 USD anytime soon, without any drastic changes that might inflate the current supply. It is worth noting that this Terra token does not work like regular centralized stablecoins and isn’t backed by US dollars in a bank account. Instead, it is minted by burning $1 worth of Terra LUNA classic, which is the native cryptocurrency of the Terra blockchain.
Utility of TerraClassic USD?
One of the key benefits of this token is that it is highly scalable, and this sets it apart from other stablecoins. This is because it is developed as an algorithmic stablecoin. The token also allows for interchain usage, which is highly beneficial in the crypto community. It is also used to finance more than 100 projects on the Terra ecosystem, and these include DeFi, NFTs, and Web 3.0 projects. As more applications are developed on the network, the demand for UST and other Terra stablecoins goes up. More merchants are also accepting payments made using TerraUSD, and these include online shops and online gambling sites.
TerraClassic USD Price details
ERC20 Contract address: 0xa47c8bf37f92aBed4A126BDA807A7b7498661acD
›› Details & Tokenomics
›› USTC tokenomics and social media
Advantages of TerraClassic USD
+ UST is pegged to the USD, so its value doesn’t tend to fluctuate. + It is highly scalable.
+ You can get interest on your Terra USD tokens.
+ It offers intechain usage.
Disadvantages
- Have not been in the market very long, so limited history.- Lot of competition as various stablecoins have been created.
- Terra USD is vulnerable to government intervention.
- A price crash in LUNA can lead to the fall of the stablecoin.
Costs
▪ Rated at 4/10TerraClassic USD does not have a fixed transaction cost as this goes up as more tokens circulates. At the moment, the network tax is about 0.607%. Depending on the number of tokens you need to send, you will need to pay fees of between $0.05 and $0.07. While the transaction fees used to be quite low because TerraUSD is not an ERC20 token, with the current value of USTC it's not even worth to covert the former UST (now USTC) to any other currency since the transaction cost may be too high, assuming you have a rather small amount. However, there has been an airdrop of tokens for old holders of UST to recover some of the losses from the Terra network collapse.
Reputation and Buzz
▪ Reputation rated at 1/10▪ Buzz rated at 1/10
TerraUSD (UST)used to be a fairly popular stablecoin. While its subreddit is quite inactive, the main Terra subreddit has more than 28,800 members. The official TerraUSD Twitter account has more than 300,000 followers. It is worth noting that TerraClassic USD (USTC) was launched in May 2022, and is a way for Terra to give up on their old ecosystem while creating a new one. The trust is therefore super low for the old de-pegged stablecoin. Crypto Lists assume that the usage of this will continue to drop.
FAQ
What is TerraClassic USD backed by?
TerraClassic USD (USTC) isn’t backed by actual US dollars and is instead created by burning Terra LUNA coins. At any given time, you can exchange your Terra USD for LUNA. In that way, it's not a traditional stablecoin and since it has failed multiple times, you should be extra careful with buying and selling USTC. It's not a
How can I buy UST?
In order to purchase this stablecoin, you have to sign up on exchanges such as Coinbase, KuCoin, Uniswap (V2), Bitfinex, Bittrex, and MEXC. Alternatively, you can use the native DEX TerraStation. It is worth noting that certain exchanges will require you to first purchase USDT, BTC or ETH and swap them for Terra USD.
What blockchain does TerraUSD use?
The blockchain technology that TerraUSD makes use of is the Ethereum blockchain. This helps to ensure transparency and security for all the users on the network. Additionally, it also allows for faster transactions with minimal fees.
What is the highest value TerraUSD ever had?
The current highest value that TerraUSD has had is 1.04 USD. It was on the 30th of January, 2021.
How can you sell TerraUSD?
Selling TerraUSD does not have to be a complicated task. You only need to sign into your exchange, place a sell order, enter the amount, confirm the additional fees, and close your sale.
What is TerraUSD backed up by?
The crypto is usually supported by a basket of fiat-pegged coins stabilised by Luna, a native crypto-asset.
How does UST stay stable?
USTs stay stable via a simple swap mechanism. They can be exchanged for a dollar’s worth of Luna at any time.
Is TerraUSD on Ethereum?
No, this token is not on the Ethereum network and instead works on the Terra ecosystem. However, it is supported on various other networks, including Ethereum, Secret, and Binance Smart Chain.
Why consider holding UST?
Some of the top reasons that people HODL and stake TerraUSD, include but are not limited to:
A Decent Staking Yield - If you stake UST on TerraStation, you get up to 20% AYR paid out in Anchor Protocol (ANC).
A Different Stablecoin - They burn LUNA instead of holding reserves in USD.
A Scalable Cryptocurrency - The cryptocurrency can be scaled vertically and horizontally for further scalability.
A Highly Liquid Stablecoin - This cryptocurrency can be traded on any of the major exchanges.
Screenshots from TerraClassic USD
Related crypto site? Learn more about KuCoin
USTC is a utility token for the exchange KuCoin, so it's worth reading more about the company behind below.Kucoin is a cryptocurrency exchange that opened in September of 2017. It does not provide fiat-to-crypto trading pairs but instead revolves around matching cryptocurrencies. You can still make deposits with Visa and Mastercard along with Peer to peer, in order to get started with Kucoin...
›› Read our full KuCoin review here or more directly at their website here.
One of the exchanges available in most places around the world, with among the lowest fees and among the best compatibility for transfers between various blockchains.
›› Sign up at KuCoin here
More sites where to buy/sell/trade TerraClassic USD
Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.
TerraClassic USD details and tokenomics
BSC Contract address: 0x23396cf899ca06c4472205fc903bdb4de249d6fc
Bet on today's EURO games on a classic no-KYC casino
No KYC when you play with crypto on Just Bit - 7000 games
Just Crypto Casino IO: Experience Outer Space
Anonymous Just Casino IO: Full privacy, no IP logging
Still new, still great: enjoy Just Casino IOs 10,000 titles
