Terra Luna Classic Turns Down USTC Repeg Team’s Proposal

The Terra Luna Classic community has turned down the community pool spend proposal to fund the USTC Quant team for the second month. The proposal has failed to receive minimum votes and received “No with veto” votes from the community members instead.

According to the latest voting details, Proposal 11716 “USTC / Stable Algo Quant Team – Month 2/2” has received 45% “Yes” votes. However, the proposal gets 43% “No with veto” and 11% “No” votes. Thus, the majority of the Terra Luna Classic community voted to reject the spending proposal.

Interestingly, 11 out of 17 validators including Lunanauts, PFC, StakeBin, and Coinpayu voted “Yes” and others such as SolidVote, Vegas Node, and JESUSisLORD rejected the proposal. While it still has a few more days for voting, the proposal isn’t getting support from the Terra Luna Classic community.

The Quant Team seeks 285 million LUNC ($20,000) funding for August. The team will enhance a tool for the USTC Incremental Repeg Buybacks & Staking Swaps algorithm.

The USTC repeg team also plans to identify sources of “zombie USTC” for burn without any additional funding. Currently, the team is working to prepare for 800 million USTC related to the Ozone protocol.

Read More: Terra Luna Classic’s (LUNC) Vision For Revival And Better Governance

LUNC Burn Rate Jumps

LUNC price is continuously falling since it failed to hold above the $0.00009 level. However, the recent decline in prices has boosted the LUNC burn rate. The Terra Luna Classic burn rate significantly increased from August 15, as per data by StakeBin.

LUNC price is currently trading at $0.000064, up 3% in the last 24 hours. The 24-hour low and high are $0.0000614 and $0.0000650, respectively.

Meanwhile, USTC price also recovered 3% in the past 24 hours, with the price currently trading at $0.012. However, the trading volume has decreased in the past 24 hours.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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