Terra Luna Classic Passes Proposal To Burn 800 Mln USTC

The Terra Luna Classic community has passed a proposal to directly send 800 million USTC related to the Ozone protocol to the burn address. The community favors to burn these USTC tokens rather than returning them to the community pool. In response, LUNC and USTC prices are rebounding again after falling more than 10% amid a broader crypto market selloff.

Terra Luna Classic Moves Closer to USTC Repeg

Proposal 11710 “Directly burn the 800 million USTC” submitted by Vegas is officially passed by the Terra Luna Classic community. Amid the growing consensus among the community members to burn 800 million USTC, a new proposal was put forward to directly burn the tokens.

According to the proposal, signatories of the Ozone reserve wallet should initiate the burning process for the 800 million USTC. This can be accomplished by directly transferring the funds to the Terra Luna Classic burn address. Moreover, proposals 11658 and 11660 passed by the community will become ineffective.

Proposal 11658 aimed at bringing back 800 million USTC from the Ozone Protocol reserve wallet to the Terra Luna Classic community. Whereas, Proposal 11660 was a counter-proposal to burn 800 million USTC rather than sending them to the community pool. The community passed both proposals, thus a new proposal was needed to directly burn these tokens.

Proposal 11710 has received nearly 85% votes in favor, while 8% “Abstain” and 7% “No” votes. Out of 40 validators who participated in the proposal, 35 validators including Allnodes, Interstellar Lounge, HappyCattyCrypto, StakeBinfavor, and 1maxfee favor to burn 800 million USTC.

Read More: Terra Luna Classic Community Turns Down USTC Repeg Team Proposal; LUNC Burn Rises

LUNC and USTC Prices Rebound

LUNC and USTC prices are recovering from the recent selloff in the broader crypto market. The 800 million USTC burn is significant for repeg and revival of LUNC.

LUNC price jumped 1% in the past 24 hours, with the price currently trading at $0.000066. The 24-hour low and high are $0.0000662 and $0.0000681, respectively.

Meanwhile, USTC price trades at $0.013, up nearly 5% in the past 24 hours. The 24-hour low and high are $0.0126 and $0.0137, 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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