In a significant development, the Terra Luna Classic community recently voted in favor of a proposal to burn a staggering 800 million USTC. This decision had an immediate impact on the price of LUNC, causing it to surge.
The Terra Luna Classic community has taken a significant step by approving a proposal to burn a massive 800 million USTC. The proposal, put forth by a well-known member of the LUNC community named Vegas, suggested blacklisting the Ozone Protocol wallet, which held the 800 million USTC. Instead of completely destroying the tokens without proper authorization, they decided to freeze them.
This news prompted a swift response from traders, leading to an immediate increase in prices.
Terra Luna Classic Community Approves 800 Million USTC Burn Proposal
Proposal 11832 titled “Proposal to blacklist wallet TERRA1QYW695VAXJ7JL6S4U564C6XKFE59KERCG0H88W” has achieved the necessary approval after receiving a “Yes” vote from the top validator, Allnodes.
The proposal secured 54.07% “Yes” votes, with 30.51% opposing it with “No” votes. Additionally, 13.39% voted “No with veto,” and 2.03% abstained. Some uncertainty remains in the community regarding whether freezing the wallet is the best course of action, as it could potentially significantly delay the burn process.
Out of the 52 validators participating in the vote, 21 were in favor of the proposal, while 21 voted against it. Some notable validators, such as Hexxagon, LuncLive, LuncGoblins, and Solidvote, opted to abstain from voting.
The argument in favor of blacklisting is that it allows for a reversible action, providing an opportunity for fund recovery through governance if valid reasons are presented by the wallet owners. The community had previously approved proposals for the burning of 800 million USTC, but attempts to diplomatically persuade wallet owners to transfer the funds to the community pool or burn them directly were unsuccessful.
As a result, the L1 development team will proceed to implement the blacklisting process.
LUNC Price Surges
LUNC and USTC prices have been bouncing back following a recent dip in the broader cryptocurrency market. The burning of 800 million USTC is a significant event for the USTC’s stability and the revival of LUNC.
LUNC’s price has increased by 1% over the past 24 hours and is currently at $0.000056. During this period, its lowest point was $0.0000556, while its highest reached $0.0000574. However, it’s worth noting that the price remains below a key support level.
On the other hand, USTC is trading at $0.011, with relatively sideways movement in the last 24 hours. Its lowest point during this period was $0.0109, and the highest reached $0.0111.
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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