Terra Luna Classic community has officially accepted the proposal to directly burn 800 million USTC to the burning address associated with the Ozone protocol. Instead of returning these USTC tokens to the community pool, the community prefers to burn them. As a result, the prices of LUNC and USTC are recovering after dropping by more than 10% in the midst of a broader crypto market sell-off.
Proposal 11710, “Direct Burning of 800 Million USTC,” presented by Vegas, has been officially accepted by the Terra Luna Classic community. Amidst growing consensus among community members regarding the burning of 800 million USTC, a new proposal for direct burning of the tokens has been put forward.
According to the proposal, the signatories of the Ozone reserve wallet should initiate the burning process for 800 million USTC. This can be achieved by transferring the funds directly to the burning address of Terra Luna Classic. Additionally, proposals 11658 and 11660, which were accepted by the community, will become ineffective.
Proposal 11658 aimed to return the 800 million USTC from the Ozone Protocol reserve wallet to the Terra Luna Classic community. On the other hand, proposal 11660 was a counter proposal to burn the 800 million USTC instead of sending them to the community pool. The community accepted both proposals, so a new proposal will be needed to directly burn these tokens.
With approximately 85% of the votes in favor, 8% “Abstain,” and 7% “No,” proposal 11710 received overwhelming support. Out of the 40 validators who participated in the vote, including Allnodes, Interstellar Lounge, HappyCattyCrypto, StakeBinfavor, and 1maxfee, 35 validators preferred to burn the 800 million USTC.
Following the recent sell-off in the wider crypto market, LUNC and USTC prices are recovering. The burning of 800 million USTC is significant for the revival of LUNC. The price of LUNC has increased by 1% in the past 24 hours and is currently trading at $0.000066. The lowest and highest prices in the past 24 hours were $0.0000662 and $0.0000681, respectively.
In addition, the USTC price has also started to rise, increasing by approximately 5% in the past 24 hours and trading at $0.013. The lowest and highest values in the past 24 hours were $0.0126 and $0.0137, respectively.