As part of ongoing efforts to revitalize altcoins and the chain, as well as to improve the ecosystem tokens, the Terra Luna Classic community voted on a proposal to burn all USTC in the community pool. This vote came amidst discussions to burn 800 million USTC from the Risk Harbor Multisig wallet, which had its project keys lost and was accepted to be blacklisted.
The Future of Terra Luna Classic
Proposal number 11958 was put forward to directly burn 8 million USTC. According to the proposal, the plan is to burn all USTC in the community pool through a proposal. Data provided by StakeBin indicates that there are currently 8.03 million USTC in the community pool.
During the initial voting, the proposal received 28% yes votes. The majority of members, 71%, voted no, while 1% explicitly voted against the proposal with a Veto. Out of the 7 validators participating in the governance vote, 4 supported the proposal while 3 opposed it.
The rationale behind the proposal also became a subject of debate. Proponents of the proposal revealed that they believe the USTC in the community pool are currently unnecessary for community initiatives and therefore should be burned. Another significant asset in the community pool is LUNC, amounting to 3.49 billion, which is deemed sufficient to support on-chain activities and cover other costs.
The proponents of the proposal stated:
By attempting to burn this amount of USTC, we demonstrate our commitment to self-sufficiency and responsible management of community resources. This action not only aligns with our community’s deflationary vision but also sends a strong message that we are proactive in shaping the future of Terra Classic.
Will LUNC and USTC Prices Rise?
While the community is experiencing these developments and looking for other ways to burn these USTC, the proposal to burn 800 million USTC was also rejected. The Terra Luna Classic community was informed that Risk Harbor had recently lost its keys and agreed to blacklist the wallet.
There was a slight decrease in the LUNC price, which dropped by 2% from its 24-hour high of $0.000158. At the time of writing, the price is trading at $0.0001454. However, the trading volume has increased by 12% in the last 24 hours.
In addition, the USTC price found buyers at $0.0331, a 1% decrease over the last 24 hours. The price has maintained a horizontal trend over the past four days. The lowest and highest prices in the last 24 hours were $0.0331 and $0.0351, respectively.
