Terra Luna Classic Community Approves Proposal 12135, Destroying 726M USTC via Anchor Protocol.
The Terra Luna Classic community approved proposal 12135, which aimed to destroy tokens in Anchor Protocol through contract migration, resulting in the destruction of more than 726 million USTC.
The community anticipates billions of LUNC and USTC burns from projects tied to Terraform Labs (TFL) following the bankruptcy court’s decision in the United States to allow TFL to cease operations. The relocation of the Anchor Protocol contract resulted in a loss of more than 726 million USTC, making it the most significant piece of news relevant to the LUNC community today.
After the community gave its approval to proposal 12135, which planned to burn tokens stored in wallets belonging to Terraform Labs’ Anchor Protocol, the burn took place. The Terra Luna Classic community approved the request by voting in favor of the idea 25.23 percent of the time.
Nearly twenty-five percent of validators voted “yes,” while forty-eight percent of validators, including Allnodes, voted “abstine.” As a result of the fact that the tokens belong to the community, however, 92% of the delegators backed the idea.
To move the Anchor Protocol contract to a new code, the developer adopted a governance structure comparable to Risk Harbor. Conversely, the execution of the Mirror Protocol proved unsuccessful, resulting in the loss of 46 million USTC.
The developer resubmits the plan and claims to be investigating the factors that led to the unsuccessful implementation. The court’s ruling and TFL CEO Chris Amani’s statements both call for the destruction of all Terra Luna Classic’s assets. After October 31st, TFL will not interact with the Columbus-5 or Phoenix-1 chains.
The court’s approval date will make it nearly impossible to burn or transfer any tokens. As a result of this Luna news, the Terra Luna Classic ecosystem tokens have experienced a minor increase of 2% over the course of the past four hours.
There was also buying activity in the derivatives market for the tokens, as the open interest in futures contracts increased by more than two percent in the most recent few hours.
The LUNC price has increased by about 2% from its lowest point in the last 24 hours, and it is presently trading at $0.0000858. The past 24 hours saw a low of $0.00008372 and a high of $0.00008631.
However, despite the overall pressure in the cryptocurrency market, the trade volume remained modest. In the meantime, the USTC price is currently trading at $0.01798, representing a 2% increase over the course of the previous twenty-four hours. Within the past twenty-four hours, there has been a 37% decrease in the trading volume.
