LUNC and USTC to $1? Terra Classic Community Officially Passes Proposal to Burn 800M USTC

In a seemingly impossible journey to recovery, the Terra Classic community is making it look achievable with several steps and proposals that could lead them to their desired goal.

According to a recent report, the proposals that are meant to return and burn 800 million USTC have been officially passed by the community. The approval of these proposals implies that the community has favored sending the whopping tokens to the dead wallet over returning them to the community pool.

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Howbeit, another proposal that aims to split the 800 million USTC into two is in the works. It aims to burn 80% and send the rest to the community pool. So, the Terra Classic community members need to wait patiently for a few days.

About the Two Proposals

Proposal 11658 named “Return of Community funds not used”, which was introduced by Vegas, a former member of the Terra Rebels developer group, was passed with 70.27% “Yes” votes.

The proposal is meant to return 800 million USTC on-chain funds to the Terra Classic community pool due to the failure of Ozone Protocol to stick to the proposed development plan.

The second proposal (11660), which has also been passed with 82.55% “Yes” votes, was introduced to counter the recommendation Proposal 11658. It aims to destroy all of the 800 million USTC tokens.

So, counter Proposal 11660 is expected to be considered due to the larger percentage of Yes votes.

Read Also: 1.6 Million USTC Going to Terra Classic Grants Program As Proposal Passes with Massive Support

As aforementioned, the community needs to wait for another proposal that suggests the split of the 800 million tokens. While 80% is destroyed, 20% will be moved to the community pool for developers, says the proposal.

It is worth noting that the proposal is still live for voting. It has managed to attract only 46% yes, indicating the possibility of rejection.

The designated team has already started preparing to return the funds as the community decided.

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