- Overwhelming support sees the Terra Luna Classic community greenlight the burn of a staggering 800 million USTC tokens.
- As a direct consequence, both LUNC and USTC witness a noticeable rebound in their market prices.
In a monumental decision, the Terra Luna Classic community has come together, passing Proposal 11710, advocating for the burning of an enormous 800 million USTC tokens. This directive, initially put forward by a community member named Vegas, now mandates that the custodians of the Ozone reserve wallet set the token burning process in motion by moving these tokens straight to the Terra Luna Classic destruction address, as detailed by Binance News.
A Community-Driven Decision
Proposal 11710 didn’t just breeze through; it garnered an impressive approval rate. Nearly 85% of the engaged participants voiced their support, with a mere 8% choosing to abstain and 7% opposing the idea. The weight of this decision can be gauged by the fact that out of 40 validators, a whopping 35, inclusive of names like Allnodes, Interstellar Lounge, HappyCattyCrypto, StakeBinfavor, and 1maxfee, stood firm in their choice to incinerate the said 800 million USTC tokens.
Contextualizing the Decision
This isn’t the first time the Terra Luna Classic community wrestled with the fate of the 800 million USTC tokens. Preceding Proposal 11710, the community had passed Proposals 11658 and 11660. The former suggested repatriating the USTC tokens from the Ozone Protocol reserve wallet back to the Terra Luna Classic community. In contrast, the latter was its antithesis, pushing for the burning of these tokens instead of redirecting them to the community pool. However, with the passage of Proposal 11710, the prior resolutions stand nullified, cementing the community’s decision to burn the tokens.
Market Response: Signs of Revival
This groundbreaking decision has ripple effects. After a shaky spell where LUNC and USTC prices dipped by over 10%, mirroring a broader crypto market downturn, both tokens are exhibiting signs of a robust recovery. LUNC’s price saw a modest rise of 1% within the last 24 hours, now hovering at $0.000066. It oscillated between a 24-hour low of $0.0000662 and a peak of $0.0000681. USTC, on the other hand, saw a more pronounced resurgence, climbing by nearly 5% in the same timeframe, with its price now standing at $0.013 and fluctuating between $0.0126 and $0.0137.
