1. Information Asymmetry Behind the Soaring
It is not the community proposal rumored by the outside world, as that proposal has not entered the voting stage to date, and is merely a discussion on a forum. The core reason is more likely to be the new project Mint Cash that the Anchor team members are about to participate in, as well as the new version of Anchor Protocol.
2. What is Mint Cash?
It is a stablecoin system collateralized by BTC, based on the original Terra Classic codebase.
- What is the connection between the rumored image of Celestia+Nomic+Anchor? Mint Cash is an IBC chain originating from Terra Classic, so the Celestia DA layer should be used, Nomic's nBTC will be used for stablecoin issuance, and a new version of Anchor Protocol named Anchor Sail will be released in Mint Cash, playing a crucial role in stablecoin growth and anchoring.
![Understanding "USTC" "Correctly" and "Formally" by aicoinImage 1](https://static.aicoinstorge.com/article/20231127/170105931235249.png "Understanding "USTC" "Correctly" and "Formally" by aicoinImage 1")
- Who are the team members?
The core developers are from the former Anchor team and Aleph Research. Additionally, the developers are planning to build Polaris EVM support based on Cosmos SDK with @CosmWasm and @Berachain.
- Mint Cash will cold start in two ways using $USTC. (i) Hold $UST or $LUNA before the crash on May 10, 2022. (ii) Lock and burn a specified amount of $USTC through Mint Cash's airdrop. The airdrop algorithm has not publicly disclosed detailed calculation methods, but the current indication is that USTC will be calculated at a valuation of $1, which is also one of the market's FOMO points.
![Understanding "USTC" "Correctly" and "Formally" by aicoinImage 2](https://static.aicoinstorge.com/article/20231127/170105935899017.png "Understanding "USTC" "Correctly" and "Formally" by aicoinImage 2")
- What are the returns?
This is likely the most concerning question for the market. Currently, the circulating supply of USTC is 9 billion. Many people use this number to directly estimate the valuation of the new project at nearly 10 billion, but it is obvious that not all of the circulating USTC will enter the new project. A reasonable estimate might be 1/3 or 1/2, meaning that based on a $1 valuation, the valuation of the new project would be between 3-4.5 billion. The current FDV of LUNA 2.0 is 800 million USD. Depending on your expectations, you can calculate your own valuation. If calculated based on the price before the pump at around 0.014, it would be approximately 40-60 million. According to the current market feedback, the market believes this valuation is low and the odds are high. Of course, there is also the question of your expectations for the new team, as this is currently a project with only a whitepaper. If you are a rational investor, you should delve deeper into understanding the team and reviewing the whitepaper. But if you are a seasoned degenerate, you will probably be very fond of it.
- Market response. From the concept of Celestia+Nomic+Anchor leaking to the USTC pump, it took 3-4 days or even nearly a week. In the first few days, the coin price did not fluctuate at all. Additionally, USTC has very good liquidity and is not the kind of depth that can be pumped with just tens of thousands or millions. The trading volume on Binance alone broke a billion last night, and it is still increasing today.
![Understanding "USTC" "Correctly" and "Formally" by aicoinImage 3](https://static.aicoinstorge.com/article/20231127/170105944515813.png "Understanding "USTC" "Correctly" and "Formally" by aicoinImage 3")
Furthermore, the goal of Mint Cash is not to pull USTC back to 1, but to launch a new project. In simpler terms, your valuation expectations for the new project determine the current price expectations for USTC.
Finally, there are a thousand USTC in a thousand people's hearts.
Article source: X: @cmdefi
https://twitter.com/cmdefi/status/1728970384375164939
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