Terra Luna Classic Community Proposes USTC Burn By Binance
The Terra Luna Classic community has successfully passed Proposal 11785, which asks crypto exchange Binance to burn USTC alongside LUNC in its burn mechanism. This proposal aims to accelerate the USTC repeg efforts by the Quant team and increase the value of LUNC. Despite the low turnout from validators, with only 42.85% voting in favor, the community is determined to pursue this initiative.
Out of the 19 validators who supported the proposal, notable names include HappyCattyCrypto, 1maxfee, JESUSisLORD, StakeBin, and Lunanauts. On the other hand, TMOM and three other validators opposed it. The goal is for Binance to burn USTC monthly, alongside its current practice of burning 50% LUNC.
LUNC and USTC Continue Falling
Both LUNC and USTC have been experiencing significant price declines due to recent selloffs in the broader crypto market. Despite investor interest in buying the dip, these tokens have struggled to gain any upside momentum.
In the past 24 hours, LUNC fell by 2%, currently trading at $0.000056 with a low and high of $0.0000568 and $0.0000580 respectively. Similarly, USTC dropped by 1%, trading at $0.012 with a decrease in trading volume by 22% over the same period.
Hot Take: Will Binance Help Terra Luna Classic Community Repeg USTC to $1?
The Terra Luna Classic community’s proposal to ask Binance to burn USTC in its burn mechanism is an important step towards achieving their goal of repegging USTC to $1. By involving Binance, the largest LUNC burner, they hope to speed up the repeg efforts and increase the value of LUNC. However, with ongoing issues such as the Binance vs U.S. SEC lawsuit, it remains to be seen if Binance will support this initiative. Regardless, the community is determined to pursue their vision and address the challenges they face.
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