Major Terra Luna Classic (LUNC) Proposal In Governance Voting Stage

The Terra Luna Classic community’s narrative to burn 800 million USTC is again making a buzz. A ‘legally absolved route’ to burn 800 million USTC is now up for governance voting after the community turned down an earlier proposal to burn these through an update to Terrad client. Traders responded immediately to the announcement.

Terra Luna Classic Community To Burn 800 Million USTC

Terra Luna Classic validator Lunanauts expressed concerns about the legal repercussions of an earlier proposal 11913, which was rejected by the community.

Proposal 11927 “Burn of 800m USTC Funds” is up for voting on the Station wallet. The proposal aims to burn the 800 million USTC still in the Risk Harbor multisig wallet via a contract.

As the Terra Luna Classic community was notified that Risk Harbor lost the keys and has agreed to blacklist the wallet, 800 million burn is crucial for the community. Thus, the community plans to burn instead as no fund recovery via the wallet owners is possible and blacklisting serves no purpose anymore.

Core developer needs to create a contract with a sole MsgSend to transfer all holdings to burn address. The multisig contract is then migrated via governance to that code id. It eliminates the need for validators to install any code, minimizing legal implications.

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

The proposal has received 96% “Yes” votes during the initial voting, along with some “No with veto” and “Abstain” votes. A few validators have already favored the proposal, but top validators are yet vote. The voting deadline is December 27.

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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