The Terra Luna Classic community has made a critical decision regarding the future of 800 million USTC. The proposal to burn 800 million coins has been officially accepted. Vegas, a member of the popular LUNC community, was the person who put forward the proposal. The proposal included blacklisting the Ozon Protocol wallet containing 800 million USTC and freezing the tokens inside it instead of unauthorized destruction. Investors acted in response to the acceptance of the proposal, causing an increase in the price of the coin.
The Future of Terra Classic (LUNC)
The proposal to blacklist wallet number 11832, which contains “TERRA1QYW695VAXJ7JL6S4U564C6XKFE59KERCG0H88W”, surpassed the desired level after receiving a yes vote from Allnodes, one of the leading validators.
Following the mentioned vote, the proposal exceeded the threshold and reached a 54.07% “Yes” vote. Additionally, 30.51% of the validators voted no, and 13.39% vetoed the decision. Finally, 2.03% of the validators abstained from voting. The community is undecided about whether freezing the wallet is the right action because it could significantly delay the burning process.
Blacklisting the wallet directly changes the state of the blockchain and destroying funds is against blockchain ethics. Blacklisting allows the funds to be recovered through governance if valid reasons are presented by wallet owners, enabling a reversible action.
A similar situation has occurred in the past. A similar vote was previously held and the proposals approving the burning of 800 million USTC were accepted by the validators. However, negotiations to persuade the validators to transfer these coins to the community pool or burn the funds directly were unsuccessful. The wallet mentioned by the L1 development team will also be quickly blacklisted.
LUNC Price Movement
A recovery was observed in LUNC and USTC prices. The movement in Bitcoin also contributed to a slight increase in the price. The decision to burn 800 million USTC was significant for USTC repeg and the revival of LUNC. The LUNC price increased by 1% in the last 24 hours and is currently trading at $0.00005710. When the 24-hour price movement is examined, the lowest and highest prices were $0.0000556 and $0.0000574, respectively.
However, the price continues to trade below its previous support level. Lastly, the USTC price also experienced sideways movement in the last 24 hours and is trading at $0.011. The lowest and highest prices in the last 24 hours were $0.0109 and $0.0111, respectively.
