Terra Luna Classic Votes On 800 Million Burn For Another LUNC And USTC Rally

The Terra Luna Classic community votes on another proposal related to burning 800 million TerraClassicUSD (USTC). The proposal aims to burn funds from the Risk Harbor (formerly Ozone Protocol) multisig wallet through an update to Terrad client. It is similar to previous proposals on burning 800 million in the wallet, which was later blacklisted via a governance voting.

Terra Luna Classic Community Eyes 800 Million USTC Burn

The community passed proposal 11832 to blacklist the wallet citing that “blacklisting allows for a reversible action, enabling fund recovery through governance if valid reasons are provided by the wallet owners.” However, the new proposal argues that no fund recovery via the wallet owners is possible and blacklisting serves no purpose anymore.

“Risk Harbor has suddenly ‘lost’ the keys and on top of that they also have for some reason blocked every LUNC community member on social media and stopped any communication thereof.”

The initial voting indicates that the community members and validators are voting equally for “Yes” and “No with veto”. Moreover, 6 validators including StakeBin, LuncGoblins, LUNC Development Fund voted in favor and two validators voted against the proposal.

If the proposal is passed, Terra Luna Classic core developer L1TF will execute the deletion of 800 million USTC via a bank module keeper and pushing an update of the terrad client to validators.

Also Read: XRP Lawyer John Deaton Lashes Out At Sen Elizabeth Warren & SEC Chair Gary Gensler

LUNC price is moving mostly sideways after a 22% fall in a week, with the price currently trading at $0.000178. The 24-hour low and high are $0.000170 and $0.000185, respectively. Moreover, trading volume has decreased by 57% in the last 24 hours.

Meanwhile, USTC price trades at $0.0400, down 4% in 24 hours. The 24-hour low and high are $0.0400 and $0.0424, respectively. The trading volume has also decreased by 68%.

Also Read: US CPI Cools To 3.1%, Will BTC, ETH, & Other Crypto Prices Regain Momentum?

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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