The Terra Luna Classic group has agreed to a plan. They will send 800 million USTC, which is a type of crypto, to a place where it can’t be used anymore. This decision comes after talking within the Terra Luna Classic community.
Instead of giving these USTC tokens back to the community, the group thinks it’s better to make them useless. Because of this news, the prices of LUNC and USTC are going up again. This is after the prices had gone down by more than 10% when other types of crypto were also not doing well.
Terra Luna Classic Nears USTC Repeg
Proposal 11710, which was suggested by Vegas, has been officially approved by the Terra Luna Classic community. The community members have agreed to get rid of 800 million USTC tokens by burning them directly. As more and more community members agreed on this idea, a new proposal was made to go ahead and burn the tokens without any extra steps.
The proposal suggests that the people responsible for the Ozone reserve wallet should start the process of getting rid of the 800 million USTC. They can do this by directly moving the money to a special place where the tokens will be burned. Also, the previous proposals 11658 and 11660, which the community agreed on, will not happen anymore.
The first proposal, 11658, wanted to bring back 800 million USTC from a certain wallet to the Terra Luna Classic community. The second proposal, 11660, was another idea to burn the same amount of USTC instead of putting them in the community’s shared funds. Both of these proposals were accepted by the community members. So, a new proposal was made to simply burn the tokens without doing anything else.
The new proposal, 11710, got a lot of support with around 85% of the people voting “Yes”. About 8% decided not to vote, and 7% voted “No”. Out of the 40 validators who took part in the decision, 35 of them, including Allnodes, Interstellar Lounge, HappyCattyCrypto, StakeBinfavor, and 1maxfee, are in favor of burning the 800 million USTC.
LUNC and USTC prices are recovering
After a recent drop in the wider cryptocurrency market, the prices of LUNC and USTC are starting to go up again. Burning the 800 million USTC tokens is important to help LUNC regain its value.
In the last day, the price of LUNC went up by 1%, and right now, it’s being traded at $0.000066. During this time, the lowest price was $0.0000662, and the highest was $0.0000681.
At the same time, USTC is being traded at $0.013, which is almost 5% higher compared to the last 24 hours. The lowest price in this period was $0.0126, and the highest was $0.0137.
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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