The Terra Classic (LUNC) community has introduced the new Terra Classic Market Module 2.0 (MM 2.0) version. This update stands out with its version that does not perform minting transactions and offers significant innovations in the Terra Classic ecosystem without money printing.
In the new version, minting operations are controlled with multi-layered restrictions. These restrictions include SDR-based limits, PRP restrictions, and daily printing limits set according to burn history. The aim is to minimize the risk of inflation. The main features of MM 2.0 are as follows:
Instant Availability: The Market Module becomes active immediately.
Swap Fees (0.35%): Half of the fee is burned, while the remaining half is transferred to the Oracle Pool.
New Mint Limits: Minting will be possible up to 80% of the LUNC burn amount in the last 30 days, limited to a maximum of 100,000 SDR.
This is not a 'repeg' move; that is, there is no intention to peg USTC back to $1. USTC is no longer seen as a stable-priced asset. No new LUNC will be minted in swap transactions; instead, a pre-funded pool will be used. Thus, the traditional 'mint and burn' mechanism is being replaced by this new approach.
However, although many security measures have been taken, if the community's expectations from this new system are very high, there is a risk of disappointment.
The process in the new swap arrangement will proceed as follows:
USTC → LUNC Exchange: The user gives USTC and receives LUNC from the pool.
LUNC → USTC Exchange: The user gives LUNC and receives USTC from the pool.
A fee of 0.35% will be charged on each swap transaction; half of this fee will be burned while the other half will be transferred to the Oracle Pool. However, if swap transactions predominantly occur only from USTC to LUNC, it may lead to the depletion of the pool and falling short of the expected LUNC burn rates. On the other hand, this may accelerate USTC burning.
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