In a tweet today, Terra Rebels’ reXx announced that Terra Classic (LUNC) core developer Edward Kim had proposed eliminating and securing the Terra stablecoin market swap, and he asked for feedback.
“LUNC community, @edk208 [Edward Kim] has proposed to remove and secure Stablecoin Market Terra Swap. Please comment on the recent agora,” tweeted reXx.
Notably, according to the proposal, the Terra Classic ecosystem has stablecoins that support the top 23 fiat currencies. While swapping between LUNC and these stablecoins has been disabled due to the Terra ecosystem collapse, swapping between these Terra stablecoins is still enabled via its Terra-to-Terra market swap module.
As a first step in the system’s larger plan for better capital controls, Kim believes this feature should be disabled in order to prevent further network exploitation.
“It is our recommendation that we either set the tobin tax to 100% or we remove fiat pairs from the whitelist via governance vote. We are leaning towards the tobin tax approach so that community members who may want to help build the oracle reward pool could do so by swapping their stablecoins to USTC, thus sending all swapped USTC to the oracle rewards pool.”
Also noteworthy is that it represents the first step in the Terra Rebels roadmap released on Thursday.