The community has officially passed Terra Luna Classic’s proposal to burn 800 million USTC directly. In response, the prices of LUNC and USTC have soared after declining more than 10% amid a broader crypto market selloff.
Vegas’s proposal 11710 to “Directly burn the 800 million USTC” has been approved by the Terra Luna Classic community. In light of the growing consensus among community members to destroy 800 million USTC, a new proposal was made to destroy the tokens directly.
According to the proposition, the 800 million USTC should be burned by the signatories of the Ozone reserve wallet. This is possible by transmitting the funds directly to the Terra Luna Classic burn address. Moreover, the community-approved proposals 11658 and 11660 will need to be revised.
The objective of proposal 11658 was to return 800,000,000 USTC from the Ozone Protocol reserve wallet to the Terra Luna Classic community. In contrast, Proposal 11660 was a counter-proposal to consume 800 million USTC instead of depositing them in the community pool. The community approved both proposals, so a new proposal was required to destroy these tokens directly.
Proposal 11710 has received nearly 85 percent of the vote, compared to 8 percent “Abstain” and 7 percent “No” votes. The proposal was supported by 35 validators, including Allnodes, Interstellar Lounge, HappyCattyCrypto, StakeBinfavor, and 1maxfee, out of 40 validators.
LUNC and USTC Price Increase
The price of LUNC and USTC is recuperating from the recent decline in the crypto market. The 800 million USTC loss is essential for LUNC’s repeat and revival.
In the past twenty-four hours, the price of LUNC has increased by 1% and is currently trading at $0.000066. The 24-hour low is $0.0000662, and the 24-hour high is $0.0000681.
Currently, the price of USTC is $0.013, an increase of nearly 5% in the past 24 hours. The 24-hour low is $0.0126, and the 24-hour high is $0.0137.
