Luna Classic Community Rejects Burn Proposal

Terra Classic

The Terra Luna Classic (LUNC) community recently faced a pivotal decision on a proposal to burn 800 million USTC, resulting in a rejection. The aftermath saw both LUNC and USTC prices experiencing a decline of over 10%, reflecting the community’s response to the proposed token burn.

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The Terra Luna Classic community made a decision to reject a proposal suggesting the burning of 800 million TerraClassicUSD (USTC). Instead, the community is exploring alternative methods for a more effective and efficient fund burn.

The rejection was rooted in the belief that there are simpler ways to burn funds from the Risk Harbor (formerly Ozone Protocol) multisig wallet without requiring updates and without potential legal consequences. It was brought to the community’s attention that Risk Harbor lost the keys, leading to an agreement to blacklist the wallet.

Terra Luna Classic Community Rejects Proposal to Burn 800 Million USTC

The Terra Luna Classic community has voted against Proposal 11913, which aimed to burn 800 million TerraClassicUSD (USTC) still residing in the Risk Harbor multisig wallet.

The proposal faced a lack of support, receiving only 15% “Yes” votes and 47% “Abstain” votes from the community. Notably, 13 validators favored the proposal, including StakeBin, LUNC Development Fund, LuncGoblins, and PFC, while 17 validators opposed it.

The rejection prompted discussions among Lunanauts, a Terra Luna Classic validator, who proposed a legally sound method to burn the USTC without requiring validators to install additional code, thereby minimizing legal implications.

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Concurrently, alternative proposals for burning 800 million USTC are being explored in the Terra Luna Classic community’s Commonwealth forum.

Terra Luna Classic (LUNC) and USTC Prices Decline in 24 Hours

The price of Terra Luna Classic (LUNC) has witnessed a 13% decrease over the past 24 hours, with the current trading value at $0.000144. The day’s trading range fluctuated between $0.000142 and $0.000168, while trading volume increased by 20%, suggesting heightened market activity despite the price decline.

Simultaneously, the price of TerraClassicUSD (USTC) has fallen by 13% in the last 24 hours, currently standing at $0.032. The day’s low and high for USTC were recorded at $0.0314 and $0.0374, respectively. Despite the decrease in prices, USTC trading volume saw a 14% increase over the same period, indicating sustained market interest despite the dip in prices.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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