After a prior proposal was denied, Terra Luna Classic is currently debating a revised proposition to burn 800 million USTC.
Once more, the Terra Luna Classic community is abuzz with rumors that 800 million USTC will be burned. A ‘legally absolved route’ to destroy 800 million USTC is currently up for governance vote following the community’s rejection of an earlier proposal via a Terrad client update. Traders reacted to the announcement without delay.
Terra Luna Classic Community To Incinerate 800 Million USTC
The validator Lunanauts of the Terra Luna Classic cited legal ramifications associated with a prior proposal, 11913, that the community rejected.
Proposal 11927, “Burn of 800m USTC Funds,” is up for vote on the Station pocketbook. The proposal’s objective is to contractually destroy the remaining 800 million USTC in the Risk Harbor multi-sig wallet.
Given that Risk Harbor has consented to blacklist the wallet and informed the Terra Luna Classic community that it has misplaced the keys, 800 million burns are vital for the community. As a result, the community has decided to burn rather than pursue fund recovery through wallet proprietors, which renders blacklisting ineffective.
A contract between the core developer and a single MsgSend must be established to transfer all holdings to the fire address. The multisig contract is subsequently migrated to that code ID via governance. By not requiring validators to install any code, legal ramifications are reduced.
In the preliminary voting, the proposal garnered 96% “Yes” responses, with a minority of “No with veto” and “Abstain” votes as well. Although many validators have already supported the proposal, the highest validators have yet to cast their ballot. The deadline for voting is December 27.
The price of LUNC has decreased by 3% over the last twenty-four hours and is currently $0.000155. The 24-hour minimum and maximum values are $0.000150 and $0.000173. In contrast, the trading volume has risen 141% over the past twenty-four hours.
USTC is trading at $0.0334, a decrease of 6% over the past twenty-four hours. The cost decreased by 15% in the previous week. The 24-hour minimum and maximum values are, respectively, $0.0336 and $0.0365.
