🌎 The Vision and Path Forward for UST 2.0 🌕
Two days ago, we announced the launch of Mint Cash: a spiritual successor to TerraUSD (UST), a failed stablecoin that tried to become the largest decentralized currency for the masses.
The Mint Cash team would like to talk about why…
Announcing the 100x Burn Cap Trial Program
As a sign of respect for the original Terra whitepaper's 6th launch anniversary, March 17th, we will temporarily lift the burn cap from the current 1,000 USTC to 100,000 USTC on March 17, 2024 for a limited time of 24 hours.
This will…
Together, we do big things. The community has burned over 4.5 million USTC since the opening of the Burndrop Program! We burn.
Note: Just so you are aware, our team may respond a bit slower as we go through existing backlog and catch up on rest (the whole team stayed up all…
OK, y'all wanted more burns? Here you go.
In celebration of reaching 11M burned USTC in half a day -- the 100x Burn Cap Trial will be extended by another 24 hours.
Announcing the 100x Burn Cap Trial Program
As a sign of respect for the original Terra whitepaper's 6th launch anniversary, March 17th, we will temporarily lift the burn cap from the current 1,000 USTC to 100,000 USTC on March 17, 2024 for a limited time of 24 hours.
This will…
100x Burn Cap Trial to go live in 14 hours!
- 10AM March 17th in Korea & Japan
- 9AM March 17th in China & Singapore
- 9PM March 16th in New York
- 1AM March 17th in London
Announcing the 100x Burn Cap Trial Program
As a sign of respect for the original Terra whitepaper's 6th launch anniversary, March 17th, we will temporarily lift the burn cap from the current 1,000 USTC to 100,000 USTC on March 17, 2024 for a limited time of 24 hours.
This will…
THE BURN IS COMING
This week, we are running a series of micro-challenges for first access to the Burndrop Program, for when it opens on February 29th.
To participate in the activation code giveaways, either:
1. Respond to the challenge prompt in the comments of this post to…
Entire team is at work nonstop building the $USTC burndrop program we announced a couple of days ago
Did not anticipate this much attention on our work
YOUR TURN TO BURN
Today’s micro-challenge is your last opportunity to earn an activation code for the Burndrop Program launching at the end of the week! When the Burndrop site goes live on February 29th, your activation code will unlock your access to the burn!
Today’s ask is a…
Happy Valentine’s Day! Today, we are excited to share the rules for the Mint Cash Burndrop program.
You may access the Burndrop Guide here: .
You have over a week to set up your wallets before the start of the Burndrop program.
UPDATE
#2
: BURNDROP REOPENED
The Burndrop portal is now opened for burning. All user interactions should behave normally now - please flag any other issues you may encounter to the team.
Post-Mortem
Our team is responsible for a faulty query. Instead of picking up the stability…
UPDATE
#1
: ISSUE IDENTIFIED - Burndrop to reopen in 2 hours
Thank you for your patience as our devs investigated the source of the issues faced by some Burndrop participants.
ISSUE SUMMARY
Shortly after the start of Burndrop, we noticed a number of users facing failed…
WE MEANT WHAT WE MINT
You are invited to the Burndrop Program starting in 24 hours!
When: February 29th at 11:59pm GMT+9 (Korea) | 9:59am EST (USA)
Where:
Before the portal officially opens, you will see a 404 error when accessing this link – this is…
T H E B U R N D R O P
[ ▓▓▓▓▓▓▓▓▓▓▓▓▓░░░░░░░ ]
[*] Initializing...
[!] During the burndrop period, Terra Classic users will be able to burn $USTC and redeem $oppaMINT — $MINT call option tokens — and $ANCs (governance token for
@SailOnAnchor
)
EARN THE BURN
If you haven't already earned an activation code to access the Burndrop Program (opening on February 29th), we have a new micro-challenge today: a caption contest!
To qualify for an activation code, either:
1. Reply with the funniest caption you can think of for…
Thread 1: Burndrop program details and rules
We expect to launch the Burndrop portal in no less than 30 days, although we cannot give an exact date at this point due to frontrunning concerns. Will keep everyone updated.
First, let us clarify how exactly this would work.
Announcing the 100x Burn Cap Trial Program
As a sign of respect for the original Terra whitepaper's 6th launch anniversary, March 17th, we will temporarily lift the burn cap from the current 1,000 USTC to 100,000 USTC on March 17, 2024 for a limited time of 24 hours.
This will…
Update on incorrect gas fee compensation
For those of you that have affected by issues during initial Burndrop launch and have burnt 50 - 100% of your USTC as gas fees (and not being reflected as oppaMINT/ANCS balances), we will:
- credit all fees spent as a valid USTC burn
-…
WE ARE FEELING THE BURN
We are noticing that the Burndrop Program is causing the Terra Classic network to overload 🫠 If you see any failed transaction errors, that would be why. Wait a bit and try again!
OK, y'all wanted more burns? Here you go.
In celebration of reaching 11M burned USTC in half a day -- the 100x Burn Cap Trial will be extended by another 24 hours.
Alright, will be dropping a bunch of information today:
- Burndrop rules and estimated timeline
- Project development status
- Legal representation
Please hold on, drafting announcement Tweets right now
Hello Mint Cash community!
We are gearing up to run our first Twitter Spaces, with a focus on getting to know the Mint Cash founder, Daniel Hong
@unifiedh
.
We’d love for you to join us as we kick off a series of Spaces. Tell us when we should run our Spaces calls - see you…
Since yall were asking for more information from us, we will routinely post some of our monetary policy research on our Mint Agora Forum:
Join to receive project development updates! (Not accepting third party posts yet)
For anyone impacted by the issues we encountered at the start of Burndrop, our devs will be querying transaction history (which takes a while) to get correctly calculate your refunds and airdrop allocation (as of your original burn timestamp). We estimate this process will take a…
HIGH BURNDROP DEMAND CAUSING ISSUES
Our devs are investigating network congestion issues caused by Burndrop demand on Terra Classic.
We are working to resolve these problems for impacted users. Any user impacted by transaction failures or errors will be reimbursed - please open…
A lot has been said about the new blast chain - I don’t need to rehash it.
But I will say one thing
The fact that a chain can launch and within a week suck on half a billion dollars of ETH is incredibly bullish on ETH as money.
ETH is building insane monetary network effects.
Happy 2024 for everyone! Especially those that have suffered for the past 1.5 years.
Here's to new beginnings of an ecosystem everyone thought was already dead.
🫡
Incorrect gas fee compensation now live
Those who have affected by incorrect gas fee calculation on Burndrop launch day are now eligible for compensation!
Visit and connect your wallet to claim yours.
Incorrect gas fee compensation to be available March 12th
For those that were affected by incorrect gas fee issues during initial Burndrop launch, compensation will be available on March 12th. Detailed instructions will follow shortly.
You don't need to inform us manually that…
I was hesitant to share my $USTC news earlier today, but I had a feeling that I had nothing to lose.
Well I'm glad I did, because the chads at
@wemintcash
reached out straight away.
Proud to announce I will be joining them as CMO to build the future of decentralized money!
T H E B U R N D R O P
[ ▓▓▓▓▓▓▓▓▓▓▓▓▓░░░░░░░ ]
[*] Initializing...
[!] During the burndrop period, Terra Classic users will be able to burn $USTC and redeem $oppaMINT — $MINT call option tokens — and $ANCs (governance token for
@SailOnAnchor
)
We STILL need decentralized stablecoins, because once they get rid of physical cash -- they will try to take your right to financial privacy with them.
CBDCs may very well be a curse, not a blessing.
Incorrect gas fee compensation to be available March 12th
For those that were affected by incorrect gas fee issues during initial Burndrop launch, compensation will be available on March 12th. Detailed instructions will follow shortly.
You don't need to inform us manually that…
Update on incorrect gas fee compensation
For those of you that have affected by issues during initial Burndrop launch and have burnt 50 - 100% of your USTC as gas fees (and not being reflected as oppaMINT/ANCS balances), we will:
- credit all fees spent as a valid USTC burn
-…
@frag_dude
Done! Also resolved the issue of values being double counting values as well.
Two thumbs up to the community for successfully burning the funds 👍👍
Thank you everyone who joined our first Spaces call!
Like we mentioned, please leave any questions you may have that you want to be addressed here 👇 with our next Spaces session -- we promise we will talk primarily about Mint Cash starting Episode 2!
Hello Mint Cash community!
We are gearing up to run our first Twitter Spaces, with a focus on getting to know the Mint Cash founder, Daniel Hong
@unifiedh
.
We’d love for you to join us as we kick off a series of Spaces. Tell us when we should run our Spaces calls - see you…
@JuanamigoLUNC
@cmdefi
honestly i don’t think we can prevent another depeg even if the market module gets re-enabled. it already depegged once, it will depeg again. the purpose of Mint Cash is to completely plug these flaws, so that it won’t be exploited with the same tactics.
the tricky thing about…
Hello! Today is our open AMA for the community to ask questions about the Burndrop program, especially if you need clarification on any part of the Burndrop Guide.
Our AMA format is a little untraditional. We know many people who are following or conducting due diligence on our…
$USTC and $LUNC — remnants of the blown-up Terra blockchain — skyrocketed this week, fueled by a new
@Binance
perpetuals contract listing and the emergence of a bitcoin-focused revamp and airdrop plan.
Watch more, presented by
@cryptocom
:
Here are important dates to keep in mind:
February 17th 13:00 GMT+9 / 16th 23:00 EST – Daniel Hong
@unifiedh
will host an open AMA so you can ask questions about the rules and intent behind the Burndrop program.
February 29th – The Burndrop WebApp will be accessible at…
Hey
@PinkUnicorn80
! Thank you for highlighting your concerns and putting together a thoughtful thread for the community!
As we mentioned, we are hosting a public AMA on Saturday. We’d like to invite you to be a special guest - if you are comfortable with that.
Will DM you!
In a previous post, I mentioned that I had a few questions that I believed needed to be answered for a better understanding of the Burn - Drop program by
#MintCash
.
After reading a bit closer, I have highlighted a few of my concerns and will address them below. (1/4)
#LUNC
…
Thread 1: Burndrop program details and rules
We expect to launch the Burndrop portal in no less than 30 days, although we cannot give an exact date at this point due to frontrunning concerns. Will keep everyone updated.
First, let us clarify how exactly this would work.
Just to clarify; if you were affected, you don't need to do anything on your part. All balances have already been correctly reflected.
If you don't see your new balance, please DM us or open a support ticket on Discord and we will look into it.
Incorrect gas fee compensation now live
Those who have affected by incorrect gas fee calculation on Burndrop launch day are now eligible for compensation!
Visit and connect your wallet to claim yours.
As compensation for our community members in Asia who were affected by the initial shaky Burndrop launch, we will be launching this trial during Asian working hours.
This doesn't mean we don't love our European/U.S.-based community; we equally love all of you 🫶
Yall don't even have a proper testnet faucet and asking devs to build on Terra/Luna Classic?
We're building one ourselves, because there isn't a reliable testnet we can deploy and test our own burndrop contracts on
ICYMI
@wemintcash
@_junhoyeo
@Llano_of_Valos
LUNC have all the stable coins from all the country in there blockchain which by that we can create a strong economic blances with other countries all over the world, the fess, the transaction speed and the voteing system makes it unique and remarkable.
To claim you are building a better version of money, while not knowing (or at least trying to learn from) how existing central banks control money supply, is simply pathetic
Also -- as we also mentioned with the Call, burndrop will launch mid-to-late February.
Apologies for the delay here, and we are working around the clock to ship this as quickly as possible!
Everything should also be open sourced, all smart contract source code validated.
Discussing with a couple of teams on the
@cosmos
ecosystem to make sure
@CosmWasm
burndrop contracts deployed on Terra Classic can be externally verified
@stablekwon
Except for
@wemintcash
specifically this isn't limited to Anchor rates, it can be used to instantly add support for any other DeFi protocol that does not support non-USD stables
Imagine
@yearnfi
deposits in CashEUR or CashJPY, for example
To clarify, this means the 100x trial will end on March 19th, 9:59 AM KST; 8:59 AM China/Singapore time; 12:59 AM London time; and March 18th, 8:59 PM EDT (New York).
We will look at data from this 48 hours to determine by how much we should permanently increase slot size.
Obviously, we are not printing bitcoins out of thin air. Nor are we airdropping bitcoins.
Thought it was quite straightforward, but posting just in case this needs to be clarified
1/ TFL has proactively filed for Chp. 11 protection, an action that will allow for continued operations and support the Terra community while resolving outstanding legal proceedings.
Please see the press release for more information, or keep reading ⤵️
Anchor could have done a 20% APY for a crypto native stablecoin quite sustainably just by running cash and carry on $stETH + short $ETH
But instead they chose to do it the dumb way and nuked a hole in the industry
Yo degens, anyone remember what Terra
@terra_money
was? It was one of the early “DeFi” algorithmic stablecoins with high ambitions, but lost its $1 peg from its peak at near $20B TVL.
Today we're bringing Terra back from the grave.
Why now? Read on ...👇 1/
2/ Burndrop development is on schedule so far.
There are additional checks we need to put in place, however, so that tokens distributed through the burndrop program will (i) not affect protocol stability, and (ii) legal consequences within some jurisdictions.
We are not dead, team was in a zombified state after an intense month of building and fundraising calls. Will promptly give updates from now on, apologies
1/ The burndrop program will be distributing two tokens in proportion to the amount of USTC burnt per wallet:
- oppaMINT is a call option token for bMINT, which grants its holders the right to mint bMINT tokens at a 50%+ discount rate at any given spot price.
Why not drop MINT…
Who knows, maybe this is everyone abandoned by their former boss standing up and joining an ecosystem that actually cares for them.
Or maybe not.
#JusticeForUSTC
The U.S. should not have this much influence over a market built to be borderless in nature. Pretty much every crypto founder on Earth may be extradited to the U.S. following the exact same logic
12/ Before we close off this thread, one last thing:
Only USTC will be eligible for the Burndrop program. We currently are not considering expanding the program for LUNC holders.
For now, the only way for LUNC holders to be eligible for the Burndrop would be the Terra Classic…