USTC Soars 25% After Community Approves Historic 800 Million Burn Proposal

The Terra Luna Classic (LUNC) community has witnessed a significant development as Proposal 12073, aiming to burn 800 million USTC through Contract Migration, has been officially approved after a period of intense debate. 

The decision to greenlight Proposal 12073 has set off a whirlwind in the market, with the USTC price experiencing a remarkable 25% surge, catapulting it to $0.04055. However, the jubilation was short-lived as the price retraced slightly in the subsequent hours, currently hovering at $0.0356.

800M USTC Burn Proposal Passed

Despite its initial rejection, Proposal 12073, has now achieved a resounding success as it crossed the “pass threshold.” The proposal, titled “Burn 800M USTC through Contract Migration,” gained approval for the burn from the Risk Harbor multisig wallet, unlocking nearly $32 million worth of value. 

The Terra Classic community actively participated in the voting process, with 41.44% voting “Yes,” 32% choosing “Abstain,” 18% expressing “No,” and 8% casting “No with veto” votes. Out of the 58 validators involved, 42 supported the proposal, 11 abstained, and 5 opposed it.

A notable highlight was the decision of top validator Allnodes to “Abstain,” allowing the community to move forward with the planned 800 million LUNC burn.

Also Read: Terra Classic (LUNC) Price Surges 2% on Governance Upgrade, Eyes Breakout

What are the Next Steps?

With Proposal 12073’s approval, the community gears up to initiate the burn of 800 million USTC from the Risk Harbor multisig wallet. This involves a secure code migration process, ensuring a smooth transfer to a new code version while keeping the blockchain’s fundamental structure intact. Developer Fragwuerdig assures that this approach maintains the blockchain’s integrity.

Market Dynamics & Price Adjustments

Post the community’s decision, the USTC price experienced a thrilling surge, but it has slightly adjusted to $0.0356 in the hours that followed. This movement has sparked optimism for reclaiming December’s $0.060 level.

Read More: Terra Luna Classic Major Move: The Impact of Osmosis Fork on LUNC and USTC Prices

Beyond USTC, the LUNC token observed a 2% uptick in the past 24 hours, now trading at $0.000124.