Terra LUNC and USTC Witness Price Surge Post Key Proposals Approval

• The community prioritized the restoration of the LUNC burn mechanism on Binance.
• It follows three major initiatives that were approved this week.

At press time, USTC was trading at $0.0284 and had risen 7.45% in the last 24 hours as per CMC. Meanwhile, LUNC has slowed its intraday gains and was trading slightly higher in the past 24 hours at $0.0001653, up 2.45%.

After dropping for three days in a row, LUNC surged from $0.00016 to $0.000169 before relaxing down. On their official Twitter, Terra Classic revealed that squid may be used to move tokens between any of the 13 Cosmos networks.

Major Proposals Approved

In February, the Terra Luna Classic community prioritized the restoration of the LUNC burn mechanism on Binance. With the overwhelming approval of Edward Kim’s Proposition 11310 in January, the community is eager to quickly approve another important initiative.

Amendment 11367 The lone proposal to restore the Binance LUNC burn was submitted by Edward Kim, a key developer for Terra Classic, and presented on behalf of the development organization Joint L1 Task Force. Features such as a tax exemption list, a burn tax split, no reminting of the burn wallet, and required security upgrades have been added to the Terra Classic blockchain with approval from the network’s management.

It follows three major initiatives that were approved this week. Over 95% of voters approved Initiative 11358, which would exempt wallets from the on-chain tax. The idea seeks to mitigate the negative effect on Binance’s income from the 0.2% burn tax by exempting transactions between Binance-owned wallets. Moreover, Proposition 11359, “Separate Burn Wallet Exempt from Seigniorage,” was approved by a large margin of voters (99.78%).