TerraClassic USD (USTC) Review (1.83/10⭐)



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TerraUSD (UST) was a stablecoin that focused on enabling the users and the community and it is now called TerraClassic USD (USDC). In May 2022, it got de-pegged and the entire Terra-blockchain was in trouble. Terra solved it by removing the LUNA and UST peg and now call this USTC, which stands for TerraClassic USD. Launched in 2020, the stablecoin is decentralised, scalable, and algorithmic, making it even further exciting. However, algorithmic means high risk, and in May 2022, the depeg from the dollar made big headlines all over the world. When writing this, 1 USTC is worth about 0.03 USD. The risk is super high with a stablecoin that is not pegged to the dollar anymore. Below is a quick review of the crypto.
USTCUSD (-1.76%)
$0.008995
June 11, 2022, 5:03 pm [UTC]


Visitor Consensus on TerraClassic USD Today
Positive: 43.75%Negative: 56.25%
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›› Buy/Sell TerraClassic USD here

 

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



Very speculative and theoretical potential data
Last updated: December 3, 2022, 12:39 pm
›› 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 4/10

TerraClassic 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.

›› Trade TerraClassic USD here›› Buy/Sell TerraClassic USD here

Screenshots from TerraClassic USD

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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.
USTC/USDT, USTC/USDC
USTC/USDC, USTC/USDT
 

TerraClassic USD details and tokenomics

TerraClassic USD Ticker: USTC
ERC20 Contract address: 0xa47c8bf37f92aBed4A126BDA807A7b7498661acD
BSC Contract address: 0x23396cf899ca06c4472205fc903bdb4de249d6fc
Type of crypto: terra-token
Launch/ICO Date: January 1, 2020
Resources & Social media
🔗Blockchain URL: https://finder.terra.money
 

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Since you are interested in TerraClassic USD, you may also want to check out the coin(s) or token(s) below?
TerraClassic USD Newsflash
    Today's crazy crypto market: A stablecoin rise mostToday's crazy crypto market: A stablecoin rise most
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    When the best coin of the day is TerraClassicUSD (USTC), a failed stablecoin, you know that the market is a bit strange. USTC is rising 20% in a otherwise rather flat crypto market


    Will the Terra network collapse?Will the Terra network collapse?
    Wednesday, 11 May 2022 1:00 pm
    The risk of collapse of the Terra network seems to increases for every day that goes, without any significant changes in the algorithmic stablecoin and it's ties to Terra (LUNA). Do Kwon, the South Korean founder of LUNA, said on Twitter yesterday that he is "close to announcing a recovery plan for $UST. Hang tight". Still, 19 hours later, no announcement has been made about upcoming changes and UST is trading at 0.5 to the dollar, recovering from 0.3 for one dollar in the early morning. Crypto Lists find the de-peggning as far away from the wish of a stablecoin that's possible. There are surely ways to adjust the algorithmic pegging, but something has to be done - and that's quick. Terra (LUNA) fallen from top 10 in terms of market cap among the leading cryptocurrencies, to top 50 while writing this. Luna is down 90% today alone, and is trading for $3. Two weeks ago, the price for one Terra (LUNA) was 90 USD. So in general, all...
    Read the full newsflash


    Will the Terra blockchain survive?Will the Terra blockchain survive?
    Tuesday, 10 May 2022 9:00 pm
    It's been some hard days for the Terra blockchain, and still is, with UST de-pegging from USD to various degree. Only on TerraSwap, you still get the 1:1 peg. On leading crypto exchanges such as Kucoin, the difference is 9.25%, and you have to pay 1.0925 UST in order to get 1 USDC or 1.091 UST to get 1 Tether. Both Gate.io and FTX is on similar levels. How long can the de-pegging continue for UST, before they throw in the towel? Luna Foundation Guard used 1.5 billion of their fast declining Bitcoin reserves in order to help the algorithmic stablecoin to survive. Crypto Lists cannot guarantee that UST is still around in...
    Read the full newsflash


    No need to regulate UST & LUNA?No need to regulate UST & LUNA?
    Monday, 2 May 2022 4:59 pm
    Some experts foresee algorithmic stablecoins risks. Algorithms influence market incentives to maintain a stable price against a currency. TerraUSD (UST) is one of the algorithm stablecoins and the third-largest stablecoin in market value. It is inherently fragile. The relationship between the stablecoin and LUNA, which is on Terra's blockchain, maintains TerraUSD's dollar value stable. The blockchain recently added Bitcoin reserves to support its algorithmic system. Its Anchor Protocol is a complex system that allows lending coins for a 20% return. It...
    Read the full newsflash


    Luniland - First Virtual Land on Terra goes LiveLuniland - First Virtual Land on Terra goes Live
    Friday, 1 Apr 2022 10:58 am
    Terra (LUNA) is growing quickly and an increasing amount of new tokens and coins goes live. One of them is called Luni Coin (LUNI), and their virtual land is now live. All land plots in the Luniland Metaverse sold out in less than 45 minutes. Despite launching on Metaverse, Luni is down 8.3% against the UST today. You can only trade Luni with help of the native stablecoin UST. The best way to get UST is from...
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