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Terra Luna Classic community officially accepted the proposals to return and burn 800 million USTC with the numbers 11658 and 11660. The community preferred to send these USTC tokens to the burning address instead of returning them to the community pool. However, the LUNC community needs to wait a few more days because another proposal is in the voting stage to split it 80% for burning and 20% for the community.
Terra Luna Classic Burning
The proposal number 11658 titled “Return of Unused Community Funds” presented by Vegas, a former member of the Terra Rebels development group, was accepted with a 70.27% “Yes” vote. The Ozon Protocol project suggested returning 800 million USTC in-chain funds to the Terra Luna Classic community pool since it did not actively follow the proposed development plan.
However, the counter-proposal number 11660 titled “Burn 100% of the Funds if Proposal 11658 Passes” received an 82.55% “Yes” vote. It claims that a majority of the community demanded the burning of 800 million tokens. Therefore, even if Proposal 11658 passes, the counter-proposal seems to be valid as it received more votes.
The community needs to wait for another similar proposal suggesting 80% burning and 20% sending to the community pool for developers. This proposal also did not receive many positive votes as it was only accepted by a 46% majority.
As developers have started to approve the transfer of 800 million USTC tokens and initiate communication, preparations for the return of funds have already begun. In the midst of USTC repeg efforts, LUNC’s revival gains momentum only after the USTC repeg narrative. Leading members believe that LUNC, which constantly increases in market value and utility, has a better roadmap for revival.
The Rise of LUNC and USTC
According to the data obtained, Terra Luna Classic can rise above the $0.00009 support level. However, the weakness in the broader crypto market has prevented LUNC and USTC from generating upward momentum.
In the last 24 hours, the LUNC price has dropped by 3.71% and is currently trading at $0.000075. The lowest and highest prices in the last 24 hours were $0.00007493 and $0.0000794, respectively. Meanwhile, the USTC price is trading at $0.0158, with an increase of approximately 5% in the last 24 hours and 31% in a month. The trading volume has increased by 25% in the last 24 hours.
