Terra Luna Classic (LUNC) Community Rejects Key Burn Proposal, Here’s Why

The Terra Luna Classic community rejected a proposal to burn 800 million TerraClassicUSD (USTC) as they look for better ways to burn these. The community believes there are easy ways to burn funds from the Risk Harbor (formerly Ozone Protocol) multisig wallet without an update and any legal consequences.

The Terra Luna Classic community was recently notified that Risk Harbor lost the keys and has agreed to blacklist the wallet.

Terra Luna Classic Seeks Alternative Ways

Proposal 11913 “RH MultiSig Wallet – Burn 800m via Update to Terrad Client” has been rejected by the Terra Luna Classic community. The proposal aimed to burn the 800 million USTC still in the Risk Harbor multisig wallet.

The proposal received only 15% “Yes” votes and 47% “Abstain” votes, indicating lack of support from the community. Moreover, 13 validators including StakeBin, LUNC Development Fund, LuncGoblins, and PFC voted in favor, while 17 validators voted against the proposal. It also received 3 “No with veto” and 11 “Abstain” votes and two validators voted against the proposal.

Meanwhile, Terra Luna Classic validator Lunanauts suggested a legally absolved route to burn 800 million USTC from the Terra Luna Classic treasury, held in the Risk Harbor Multisig Wallet through a contract. It eliminates the need for validators to install any code, minimizing legal implications.

Other proposals to burn 800 million USTC are also under discussion in the Commonwealth forum of the Terra Luna Classic community.

Also Read: Athur Hayes Predicts Bonk Flipping Shiba Inu; Shibarium Burns Another 8 Bln SHIB

LUNC and USTC Prices Tumble

LUNC price fell 13% in the past 24 hours, with the price currently trading at $0.000144. The 24-hour low and high are $0.000142 and $0.000168, respectively. However, trading volume has increased 20% in the last 24 hours.

Meanwhile, USTC price trades at $0.032, down 13% in the last 24 hours. The 24-hour low and high are $0.0314 and $0.0374, respectively. Trading volume has increased by 14% in the last 24 hours, indicating a dip in interest among traders.

Also Read: Bitcoin’s Weekly Outflows Hit $33 Mln Amid Crypto Market Selloff

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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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