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USTC big pump revealed: Mint Cash project ignites the market, new version of Anchor Protocol poised to launch.
Behind the big pump of USTC: The new stablecoin project Mint Cash attracts market follow
Recently, the price of USTC has seen a big pump, mainly influenced by the new stablecoin project Mint Cash in the Terra ecosystem. This project and its supporting team have attracted significant attention from the market.
Reasons Behind the Big Pump
The core reason for the big pump of USTC may be the new project Mint Cash that the Anchor team members are about to participate in, as well as the new version of the Anchor Protocol. This is different from the community proposal circulating outside, which is currently still in the forum discussion stage.
Mint Cash Project Introduction
Mint Cash is a stablecoin system collateralized by BTC, developed based on the original Terra Classic codebase. It is an IBC chain originating from Terra Classic, and the data availability layer may utilize Celestia. The stablecoin issuance will use Nomic's nBTC, while a new version of the Anchor Protocol will be released.
The new version of Anchor Protocol plays an important role in Mint Cash, being a key link in the growth and anchoring of stablecoins.
Project Team Background
The core developers come from the former Anchor team and Aleph Research. The team also plans to build Polaris EVM support based on the Cosmos SDK in collaboration with other projects.
Mint Cash Launch Method
Mint Cash will cold start in two ways through USTC:
The current rumor is that USTC will be valued at 1 dollar, which is also an important reason for the market's optimism.
Market Expectation Analysis
The current circulation of USTC is 9 billion, but the actual participation in new projects may be between 1/3 to 1/2. Based on a valuation of 1 USD, the new project may be valued between 3 billion and 4.5 billion USD. In comparison, the FDV of LUNA 2.0 is currently around 800 million USD.
Before the price rose, the USTC price was about $0.014, corresponding to a new project valuation between $40 million and $60 million. The market generally believes that this valuation is low and has high upward potential.
Market Reaction
The USTC price rise took about 3-4 days or even nearly a week from the related information leak. USTC has good liquidity, with the daily trading volume on a single trading platform exceeding $100 million, and it is still continuing to grow.
It is worth noting that the goal of Mint Cash is not to bring the USTC price back to $1, but to launch new projects. In short, the valuation expectations of investors regarding new projects determine the current price expectations of USTC.