Terra Classic Community Decides on Burning 8 Million USTC

Terra Classic

In the latest update from Terra Luna Classic (LUNC) community, members participated in a vote regarding a proposal to burn more than 8 million USTC from the community pool. The decision reflects the community’s collaborative approach in managing and shaping the future of Terra Luna Classic.

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In a recent development, the Terra Luna Classic (LUNC) community actively participated in voting on a proposal to burn all USTC (Terra USD) stored in the community pool. This decision is part of ongoing efforts to revitalize the chain and stimulate recovery in ecosystem tokens. The initiative aligns with the broader narrative in the crypto space, which includes discussions about burning 800 million USTC from the Risk Harbor Multisig Wallet. The wallet, now inactive due to lost keys, has been slated for blacklisting by the project.

This dynamic move by the Terra Luna Classic community underscores their commitment to shaping the project’s future and enhancing the ecosystem.

Terra Luna Classic (LUNC) Community Votes on USTC Burn Proposal

The Terra Luna Classic community is currently engaged in the voting process for Proposal 11958, titled “Burn 8 million USTC directly from CP,” using the Station wallet. This proposal specifically targets the burning of all USTC (Terra USD) in the community pool through a spend proposal directed to a burn address. According to StakeBin data, the community pool currently holds 8.03 million USTC.

In the initial voting phase, the proposal received 28% “Yes” votes, while a majority of the members expressed dissent, with 71% voting “No” and 1% opting for “No with veto.” Among the 7 validators participating in the governance voting, 4 supported the proposal, while 3 opposed it.

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The proposal to burn 8 million USTC from the community pool has its roots in the aim to eliminate extra USTC deemed unnecessary for current community projects. The community boasts a substantial reserve of 3.49 billion LUNC in its pool, a fund considered more than enough to cover various on-chain activities and associated expenses.

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VegasMorph, a prominent figure in the community, emphasized the proactive nature of this initiative, stating, “By taking the initiative to burn this amount of USTC, we demonstrate our commitment to self-sufficiency and the responsible management of community resources. This action not only aligns with our community’s vision for deflation but also sends a powerful message that we are proactive in shaping the future of Terra Classic.”

Terra Luna Classic (LUNC) Community Dynamics

In recent developments within the Terra Luna Classic community, a proposal to burn 800 million USTC stablecoins has been declined. Community members are actively exploring alternative methods for burning these stablecoins after learning that Risk Harbor lost access to the keys. As a resolution, the community has collectively decided to blacklist the wallet associated with this lost access.

Following this decision, the price of LUNC experienced a slight retreat, declining by 2% from its 24-hour high of $0.000158 to its current trading value of $0.000147. However, trading volume has witnessed a 10% increase over the past 24 hours.

Simultaneously, the USTC stablecoin is currently trading at $0.0331, reflecting a 1% decrease in the last 24 hours. Despite this, the price of USTC has predominantly moved sideways over the past week, with recorded lows and highs at $0.0331 and $0.0351, respectively.


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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