terra luna‘s Proposal to Burn 8 Million USTC Officially Rejected
LUNC News: The Terra Luna Classic community has now rejected a proposal to burn three USTCs after a proposal to burn all USTCs in the community pool failed to convince the community that this was a prudent course of action.
The move comes amid renewed rhetoric that 800 million USTC will be burned from the Risk Harbor Multisig Wallet, which has been sitting idle after the project lost the keys and agreed to blacklist the wallet. But the community seems to be looking at improvements after the new developer group, Original Labs, approved work on the chain.
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Terra Luna Classic Community Rejects Proposal to Burn 8 Million USTC
“Proposal 11958”Burn 8 million USTC directly from CP” Terra Luna Classic has been officially rejected by the community. The proposal sought to burn all USTCs in the community pool through a donation offer to burn the address.
According to StakeBin data, there are currently 8.11 million USTC and 3.61 billion LUNC in the community pool.
The proposal was specifically rejected by validators as some senior validators voted “No” during the governance proposal. Includes Interstellar Lounge, JesusisLord, Lunanauts, SoliVote and others. The community believes that the funds should be used for the development of the Terra Luna Classic chain and provide liquidity support to the projects.
CoinGape had previously reported that the intention behind the proposal was to burn all USTC in the community pool as they are not currently needed for community initiatives. There is a significant amount of 3.61 billion LUNC in the community pool. This is enough to cover on-chain activities and manage other costs.
“By attempting to burn this amount of USTC, we demonstrate our commitment to self-sufficiency and responsible stewardship of community resources. This action is not only aligned with our community’s vision of deflation, but also sends a strong message that we are proactive in shaping the future of Terra Classic,” said VegasMorph.
So read: Ark Invest Sold $25 Million in Coinbase Stock to Buy Elon Musk’s Tesla (TSLA), Cathie Wood Still Down
Major Correction Amid Marketwide Sell-Off
LUNC price fell 22% this week amid massive market-wide liquidations. The price is currently trading at $0.000117 and the 24-hour low is $0.000114. However, the 50% increase in trading volume in the last 24 hours shows that investors are interested.
Meanwhile, USTC price is trading at $0.0276, down over 3% in the last 24 hours. The price dropped over 20 percent in a week. The 24-hour low and high are $0.0257 and $0.0349 respectively.
So read: US SEC Claims Terra Decision Relates to Binance, binance.US and CZ Case
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with CoinGape Media. He currently covers the latest updates and developments in the crypto industry.
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