Terra Luna Classic Proposes To Burn All USTC In Community Pool, Reversal Ahead?

A popular Terra Luna Classic community member and validator VegasMorph has come up with a proposal to burn all 8 million TerraClassicUSD (USTC) in the community pool. The move comes amid the renewed narrative to burn 800 million USTC from Risk Harbor Multisig Wallet, which was also initially suggested by VegasMorph.

USTC Burn From Terra Luna Classic Community Pool

VegasMorph took to X to reach out to the wider Terra Luna Classic community about a proposal to burn USTC in the community pool. The proposal aims to burn nearly 8 million USTC through a spend proposal to burn address. Currently, the community pool has 7.95 million USTC, as per StakeBin data.

The rationale behind this proposal is to consider burning all USTC in the community pool as they are not currently required for community initiatives. The community pool has a substantial amount of 3.3 billion LUNC. This is enough to cover the on-chain activities and manage other costs.

“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,” said VegasMorph.

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Community Also Eyes Burning 800 Million USTC

Meanwhile, the community has rejected a proposal to burn 800 million USTC as they seek other ways to burn these stablecoins. The Terra Luna Classic community was recently notified that Risk Harbor lost the keys and has agreed to blacklist the wallet.

LUNC price fell 3% in the past 24 hours, with the price currently trading at $0.000155. The 24-hour low and high are $0.000150 and $0.000173, respectively. However, trading volume has increased 141% in the last 24 hours.

Meanwhile, USTC price trades at $0.0334, down 6% in the last 24 hours. The price fell 15% last week. The 24-hour low and high are $0.0336 and $0.0365, respectively.

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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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