Terra Luna Classic Burns 726 Million USTC From Anchor Protocol

LUNC News: Over 726 million USTC were burned after the Terra Luna Classic community approved proposal 12135 to burn tokens in Anchor Protocol via contract migration. With Terraform Labs (TFL) cleared to wind down operations by a US bankruptcy court, the community expects billions of LUNC and USTC burns from related projects.

LUNC News: Over 726 Million USTC Burned After Proposal Passes

In the major news for the LUNC community today, more than 726 million USTC were burned through Anchor Protocol contract migration. The burn came after the community approved proposal 12135 to burn tokens in wallets of Terraform Labs-owned Anchor Protocol.

The proposal was passed narrowly by the Terra Luna Classic community with 27.23% votes in favor. Among validators, nearly 25% voted “Yes” and 48% voted “Abstain” including Allnodes. However, 92% of delegators supported the proposal as the tokens belong to the community.

The developer migrated Anchor Protocol contract to a new code via governance similar to Risk Harbor. However, the execution on the Mirror Protocol failed to burn 46 million USTC. The proposal is submitted again, but developer claims to investigate the reasons behind the failed execution.

All Terra Luna Classic assets as stated by TFL CEO Chris Amani and ordered by the court judgment should be burned. TFL will not interact with Columbus-5 or Phoenix-1 chains after October 31. Any token burn or transfer will be difficult post the court-approved date.

USTC and LUNC Price Jumps

Amid this LUNC news, Terra Luna Classic ecosystem tokens witnessed a slight jump of 2% in the last 4 hours. The tokens also saw a buying activity in derivatives market as futures open interests climbed more than 2% in last few hours.

LUNC price climbed nearly 2% from the 24-hour low, with the price currently trading at $0.0000858. The 24-hour low and high are $0.00008372 and $0.00008631, respectively. However, the trading volume remained low amid the pressure in the broader crypto market.

Meanwhile, USTC price is trading at $0.01798, up 2% in the last 24 hours. The trading volume saw a 37% jump decline in the last 24 hours.

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Varinder Singh

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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