LUNC News: Terra Luna Classic Proposal To Burn 8 Million USTC Officially Rejected

LUNC News: Terra Luna Classic community has now rejected three USTC burn proposals, as a proposal to burn all USTC in the community pool failed to convince the community that it’s a prudent course of action.

The move comes amid the renewed narrative to burn 800 million USTC from Risk Harbor Multisig Wallet, which sits idle as the project lost the keys and has agreed to blacklist the wallet. However, the community seems to be looking at developments after the community approves the new developer group Genuine Labs to work on the chain.

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Terra Luna Classic Community Rejects 8 Mln USTC Burn Proposal

Proposal 11958 “Burn 8 million USTC directly from CP” was officially rejected by the Terra Luna Classic community. The proposal aimed to burn all USTC in the community pool through a spend proposal to burn address.

Currently, the community pool has 8.11 million USTC and 3.61 billion LUNC, as per StakeBin data.

The proposal especially saw denial by validators as a number of top validators voted “No” during the governance proposal. It includes Interstellar Lounge, JesusisLord, Lunanauts, SoliVote, and others. The community believes the funds must be used for development purposes of the Terra Luna Classic chain and provide liquidity support in projects.

CoinGape earlier reported that the motive behind the proposal is to burn all USTC in the community pool as they are not currently required for community initiatives. The community pool has a substantial amount of 3.61 billion LUNC. This is enough to cover the on-chain activities and manage other costs.

“By taking the initiative to burn this amount of USTC, we demonstrate our commitment to self-sufficiency and the responsible management of community resources. This action not only aligns with our community’s vision for deflation but also sends a powerful message that we are proactive in shaping the future of Terra Classic,” said VegasMorph.

Also Read: Ark Invest Sells $25M Coinbase Shares To Buy Elon Musk’s Tesla (TSLA), Cathie Wood Still Bearish

Massive Correction Amid Market-Wide Selloff

LUNC price tumbled 22% amid the massive market-wide liquidations this week. The price is currently trading at $0.000117, with a 24-hour low of $0.000114. However, trading volume has increased by 50% in the last 24 hours, indicating interest among traders.

Meanwhile, USTC price trades at $0.0276, down over 3% in the last 24 hours. The price fell over 20% in a week. The 24-hour low and high are $0.0257 and $0.0349, respectively.

Also Read: US SEC Argues Terra Ruling Relevant In Binance, Binance.US, CZ Lawsuit

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