Tuesday, June 18, 2024
HomeCryptocurrencyTerra Classic Passes Proposal to Burn 800M Tokens To Aid USTC Repeg...

Terra Classic Passes Proposal to Burn 800M Tokens To Aid USTC Repeg and LUNC Recovery

The Terra Luna Classic community has achieved an important milestone by passing Proposal 11710, officially approving the direct burning of 800 million USTC tokens. This proposal, submitted by Vegas, garnered strong support within the community.

Despite recent market volatility that resulted in a relatively 10% dip in both LUNC and USTC prices, the approval has had an immediate positive impact, leading to a rebound in their values.

Read Also: Terra Classic Faces Market Turmoil, Rejects Key Proposal, Whales Dumping LUNC and USTC

The Ozone Protocol Tokens Set for Burning

The approved proposal focuses on burning 800 million USTC tokens related to the Ozone protocol. Rather than returning these tokens to the community pool, members favored their complete elimination through burning.

To facilitate this, the signatories of the Ozone reserve wallet will initiate the process by directly transferring the funds to the Terra Luna Classic burn address. Existing proposals 11658 and 11660, which intended to bring back the USTC tokens to the community and proposed burning, respectively, will now become ineffective.

Out of 40 participating validators, 35, including Allnodes, Interstellar Lounge, HappyCattyCrypto, StakeBinfavor, and 1maxfee, voted in favor of the burning proposal.

This strong support from the community signifies a growing consensus and commitment to the elimination of these tokens. Proposal 11710 received an impressive 85% of votes in favor, with 8% abstaining and 7% voting against the burning of 800 million USTC.

Read Also: Exploring Four Factors With Potential To Drive Terra Classic (LUNC) to $0.1 and Beyond

LUNC and USTC Prices: A Little Positive Response

The broader market selloff that impacted LUNC and USTC prices has now been counterbalanced by the positive sentiment following the successful proposal for burning the USTC tokens.

The price of LUNC has experienced a 1% surge within the past 24 hours, currently trading at $0.000066. This price increase demonstrates the significance of the 800 million USTC burn in revitalizing LUNC. The 24-hour trading range for LUNC spans from a low of $0.0000662 to a high of $0.0000681.

<

The USTC price has also shown signs of recovery, rising by nearly 5% over the past 24 hours and reaching its current trading value of $0.013. This positive momentum emphasizes the impact Proposal 11710 has had on the market. The 24-hour trading range for USTC extends from a low of $0.0126 to a high of $0.0137.

Hence, with the successful passage of the Terra Luna Classic proposal to directly burn 800 million USTC tokens, the community has taken a significant step forward in their quest for a USTC repeg. The resulting rebound in LUNC and USTC prices further highlights the positive outcomes expected from this strategic move.


Follow us on Twitter, Facebook, Telegram, and Google News

Adedoyin Aka
Adedoyin Aka
Adedoyin is a graduate of Law and a Crypto & Blockchain expert who strongly believes that Blockchain is the future. At TimesTabloid, she focuses on crypto and blockchain educational content.
RELATED ARTICLES

Latest News & Articles