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USTC price surges as new stablecoin Mint Cash ignites market expectations
USTC price big pump, new stablecoin project Mint Cash attracts market follow
Recently, the price of USTC has experienced a significant rise, mainly influenced by the airdrop expectations of the new stablecoin project Mint Cash in the Terra ecosystem. This article will briefly introduce the Mint Cash project, its underlying team, and related market expectations.
1. Reasons for Price Rise
The core reason for the rise in USTC prices is likely the upcoming new project Mint Cash and the new version of the Anchor Protocol, which will involve members of the Anchor team. This is unrelated to the community proposal circulating outside, which is still at the forum discussion stage and has not yet entered the voting phase.
2. Mint Cash Project Introduction
Mint Cash is a stablecoin system backed by BTC, developed based on the original Terra Classic codebase.
3. Project Architecture
Mint Cash is an IBC chain originating from Terra Classic, and its data availability layer may utilize Celestia. The issuance of the stablecoin will leverage Nomic's nBTC, while a new version of the Anchor Protocol, called Anchor Sail, will be launched in Mint Cash. The new Anchor Sail plays a key role in the growth and anchoring of the stablecoin in Mint Cash.
4. Team Background
The core developers come from the former Anchor team and Aleph Research. Team members also plan to collaborate with other projects to jointly build Polaris EVM support based on Cosmos SDK.
5. Mint Cash Launch Strategy
The Mint Cash plan will cold start in two ways, involving USTC:
The current rumor is that USTC will be calculated at a valuation of 1 dollar, which is also an important reason for the market's optimism.
6. Market Expectation Analysis
The current circulation of USTC is 9 billion, but it is expected that only a portion will enter the new project. Based on a valuation of 1 dollar, the new project's valuation may be between 3 billion and 4.5 billion dollars. In comparison, the fully diluted valuation of LUNA 2.0 is currently around 800 million dollars.
If calculated at the previous price of $0.014, the valuation is approximately between $40 million and $60 million. Market reactions indicate that investors believe this valuation is low and has high return potential.
7. Market Reaction
The price rise of USTC has taken about 3-4 days, or even close to a week, to emerge from related concepts. USTC has good liquidity and is not easily manipulated by small amounts of funds. A certain trading platform has exceeded a daily trading volume of 100 million USD, and it is still continuing to grow.
It is worth noting that the goal of Mint Cash is not to pull the USTC price back to $1, but to launch a new project. In short, investors' valuation expectations of the new project will determine the current price expectations of USTC.