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In a proposal presented in Terra Luna Classic, the community has consecutively rejected three proposals to burn all USTC in the community pool, as community members were not convinced that this was a necessary action. Recently, it was announced that 800 million USTC in the Risk Harbor Multisig Wallet, which was blacklisted due to the loss of a project key, would be burned.
Critical Development in Terra Luna Classic
Proposal number 11958, which called for “burning 8 million USTC directly from the community pool,” was officially rejected by the Terra Luna Classic community. The proposal aimed to burn all USTC in the community pool.
According to data provided by StakeBin, the total amount of cryptocurrencies currently in the community pool is calculated to be 8.11 million USTC and 3.61 billion LUNC.
Following the emergence of the proposal, it was rejected by validators after several high-level validators voted “No” during the voting process.
Significant names among those who rejected the proposal include Interstellar Lounge, JesusisLord, Lunanauts, SoliVote, and others. The community’s opinion is that the funds should be used for the development of the Terra Luna Classic chain and to provide liquidity support for the projects implemented.
Recent news shared information on why the burning of USTC was defended. According to the proposal, it was requested to burn all USTC in the community pool as there is currently no necessity for them.
The community pool holds a significant amount of 3.61 billion LUNC, which is seen as sufficient to cover on-chain activities and manage other costs.
VegasMorph made the following statement:
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.
LUNC and USTC Prices
LUNC price plummeted following a significant drop in BTC price in recent days. The fall was by 22%. Since then, LUNC has recovered somewhat, and at the time of writing, its price is trading at $0.00011814.
The lowest price seen within 24 hours was $0.000114. Additionally, the trading volume decreased by 29% in the last 24 hours, indicating a decrease in interest among traders.
Furthermore, the USTC price has fallen over 3% in the last 24 hours to $0.0276. When looking at the price overall, it has seen a drop of over 20% in the past week. The lowest and highest price levels for USTC within 24 hours were $0.0257 and $0.0349, respectively.
