Luna Classic Suggests Burning USTC: Reversal Ahead?

Terra Classic

Terra Luna Classic validator proposes burning 8 million USTC in the community pool, prompting speculation about potential price surges for LUNC and USTC. Investors are closely monitoring market reactions, as burning tokens aims to reduce circulating supply, impacting prices.

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In a significant move, VegasMorph, a key validator and member of the Terra Luna Classic community, has proposed burning the entire 8 million TerraClassicUSD (USTC) currently residing in the community pool. This proposal aligns with the broader discourse on burning 800 million USTC from the Risk Harbor Multisig Wallet, a concept initially suggested by VegasMorph.

The community is actively involved in discussions, weighing the potential impacts of these burning proposals on tokenomics and market dynamics, with a keen interest in how these initiatives might influence LUNC and USTC prices.

VegasMorph Proposes USTC Burning in Terra Luna Classic Community

VegasMorph, a prominent figure in the Terra Luna Classic community, has put forth a proposal via X (formerly Twitter) suggesting the burning of approximately 8 million TerraClassicUSD (USTC) from the community pool.

The proposal aims to utilize a spend proposal directed to a burn address for this purpose. With the community pool currently holding around 7.95 million USTC, VegasMorph argues that these reserves are not immediately necessary for ongoing community initiatives, as the pool already boasts a significant 3.3 billion LUNC.

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The proactive move is framed as a demonstration of commitment to resource management and aligns with the community’s vision for deflation. Community members are actively engaging in discussions to assess the potential impact of this proposal on the Terra Luna Classic ecosystem.

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USTC Burning Proposal Rejected in Terra Luna Classic Community

Following the rejection of a proposal to burn 800 million TerraClassicUSD (USTC) in the Terra Luna Classic community, members are actively exploring alternative avenues for burning these stablecoins. The decision came after news that Risk Harbor, holding the USTC, lost access to the keys, leading to an agreement to blacklist the associated wallet.

In response to these events, LUNC experienced a 3% dip in the past 24 hours, reaching $0.000155, with trading volume surging by 141%. Simultaneously, USTC recorded a 6% drop to $0.0334 in the last 24 hours and a 15% weekly decline, prompting increased community engagement to assess the implications for the Terra Luna Classic ecosystem.


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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