Terra Classic Community Votes On 8 Million USTC Burn Proposal

LUNC News: Terra Luna Classic community votes on a proposal to burn all USTC in the community pool, as part of efforts to revive the chain and bring recovery in ecosystem tokens. The move comes amid the renewed narrative to burn 800 million USTC from Risk Harbor Multisig Wallet, which sits idle as the project lost the keys and has agreed to blacklist the wallet.

Terra Luna Classic Community Pool USTC Burn

Proposal 11958 “Burn 8 million USTC directly from CP” is up for voting on the Station wallet. The proposal aims to burn all USTC in the community pool through a spend proposal to burn address. Currently, the community pool has 8.03 million USTC, as per StakeBin data.

During the initial voting, the proposal received only 28% “Yes” votes. Most members have voted against the proposal, with 71% “No” and 1% “No with veto” votes. Among 7 validators who participated in the governance voting, 4 favored the proposal and 3 opposed the proposal.

CoinGape earlier reported that the motive behind the proposal is to burn all USTC in the community pool as they are not currently required for community initiatives. The community pool has a substantial amount of 3.49 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.

Read More: Terra Luna Classic Proposal For Community Commonwealth Officially Passed, LUNC Up 4%

LUNC And USTC Pares Earlier Gains

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 pares earlier gains and fell 2% from a 24-hour high of $0.000158. The price is currently trading at $0.000147. However, trading volume has increased by 10% in the last 24 hours.

Meanwhile, USTC price trades at $0.0331, down 1% in the last 24 hours. The price mostly moved sideways in a week. The 24-hour low and high are $0.0331 and $0.0351, 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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