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Bitcoin and the altcoin world witnessed a significant development as the Terra Luna Classic community voted against a proposal aiming to burn 800 million TerraClassicUSD (USTC). With only 15% “Yes” and 47% “Abstain” votes, the proposal’s rejection highlighted the community’s dissatisfaction with the suggested method of burning funds from the Risk Harbor multisig wallet.
Searching for Alternatives for Terra Luna Classic
The proposal rejected by the Terra Luna Classic community suggested burning 800 million USTC through an update in the Terrad client. However, validators including StakeBin, LUNC Development Fund, LuncGoblins, and PFC expressed their concerns and opposed the proposal.
Terra Luna Classic validator Lunanauts proposed an alternative, legally sound method to burn the USTC treasury held in the Risk Harbor Multisig Wallet through a contract. This also eliminated the need for validators to upload any code and mitigated potential legal consequences.
While discussions continue on the Terra Luna Classic community’s Commonwealth forum, alternative proposals for burning the 800 million USTC are being explored. The rejection of the proposal emphasizes the community’s determination to find efficient and legally compliant ways to manage USTC funds.
Declines in LUNC and USTC Prices
The market’s reaction to the rejection was noteworthy. Terra Luna Classic’s native token LUNC witnessed a 13% price drop in the last 24 hours and is currently trading at $0.000144.
Simultaneously, the price of the cryptocurrency USTC also fell by 13%, dropping to $0.032. While the increased trading volume indicates a rise in market activity and interest, the decline in prices reflects a cautious sentiment among traders.
This development underscores the complex relationship between community decisions and token valuations. The Terra Luna Classic community’s rejection of the burn proposal not only shaped the governance environment but also triggered changes in market dynamics, prompting investors to closely monitor the situation.
Crypto projects allow you to do what you want at any time. The community’s decisions reflect a democratic environment. Here, the rejection of the proposal for two altcoins can be seen as a reflection of this situation. However, the decline in price indicates that investors did not welcome this decision favorably.
