Read $ustc’s Burndrop in 5 minutes:
1) Mint Cash and Ancs will launch ustc burning airdrop activities at the end of February. The total amount of $mint and $ancs is 1 billion. This event will take out 300 million and 150 million Burndrop respectively.
2) The ratio of mint to ustc is 1:1.5, and the ratio of ancs to ustc is 1:1. Burndrop adopts a mechanism of halving investment every 30 days until August (see the picture below). Official documents show that the Mint Cash mainnet launch time will be before the end of 2024, and the mint tokens obtained by Burndrop will have an unlocking period of no more than 24 months.
3) Other introductions: Mint Cash and Ancs team members mainly come from the Anchor team, aiming to revive Terra’s stablecoin glory. In the future, mint will be completely collateralized by BTC. mint represents the luna token in the Terra system, and ancs is Representing the new Anchor. Rumor has it that they will also raise funds. This time Burndrop anchors ustc to a value of 1 US dollar to obtain mint tokens. The valuation of Mint Cash in burndrop is 1.5 billion US dollars, giving ustc burning users a 96% discount.
Attachment: The ustc community is about to pass a proposal to burn 800 million $ustc. This news has also stimulated the price increase of ustc in the past two days. However, these 800 million tokens have been locked up for a long time and have not entered circulation.
in conclusion:
-The current total amount of $ustc is 9.8 billion. Excluding the 800 million ustc that will be burned, the maximum amount of ustc invested in the Burndrop event is 600 million, accounting for 6.66% of the ustc circulation. The number of ustcs that can be affected is limited.
-Is Mint Cash’s $1.5 billion valuation in the burndrop reasonable?
Burndrop’s official introduction: https://burndrop-docs.mintca.sh/#da765336-bfc5-48f4-88c4-b1d421b8fd1d
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