Terra Luna Classic Community Approves 800 Million USTC Burn Proposal
The Terra Luna Classic community has successfully passed a proposal to burn 800 million USTC. The proposal, put forward by LUNC community member Vegas, suggested blacklisting the Ozone Protocol wallet that contains the tokens instead of destroying them without authorization. The passing of the proposal led to an immediate increase in prices as traders reacted.
Proposal Receives Majority Support from Validators
Proposal 11832, titled “Proposal to blacklist wallet TERRA1QYW695VAXJ7JL6S4U564C6XKFE59KERCG0H88W,” has exceeded the pass threshold with a “Yes” vote from top validator Allnodes. The proposal received 54.07% “Yes” votes, while 30.51% voted “No.” Additionally, 13.39% voted “No with veto,” and 2.03% abstained from voting. Some members of the community are unsure if freezing the wallet is the right decision as it could potentially delay the burn process.
Split Opinion Among Validators
Out of the 52 validators who participated in the voting, 21 were in favor of the proposal, while another 21 voted against it with a veto. Notably, popular validators such as Hexxagon, LuncLive, LuncGoblins, and Solidvote chose to abstain from voting. The proposal carries significant weight, which may explain why some validators opted for an abstention.
“Directly changing the blockchain state and destroying funds goes against blockchain ethos. Blacklisting allows for a reversible action, enabling fund recovery through governance if valid reasons are provided by the wallet owners.”
L1 Development Team to Implement Blacklisting Process
Previous proposals to persuade the wallet owners to transfer the funds to the community pool or burn them directly were unsuccessful. As a result, the L1 development team will now proceed with promptly implementing the blacklisting process.
LUNC Price Increases Amid Broader Crypto Market Recovery
The recent selloff in the crypto market did not deter LUNC and USTC prices from recovering. The 800 million USTC burn is crucial for the USTC repeg and the revival of LUNC. Over the past 24 hours, LUNC’s price has risen by 1%, currently trading at $0.000056. However, it is still below the support level. Meanwhile, USTC’s price is trading sideways at $0.011.
Hot Take: Terra Luna Classic Community Votes to Burn 800 Million USTC
The Terra Luna Classic community has made a significant decision by approving the proposal to burn 800 million USTC tokens. This move demonstrates the community’s commitment to maintaining transparency and integrity within its blockchain ecosystem. While there may be differing opinions among validators, the majority consensus reflects a collective effort to uphold the principles of blockchain technology. The increase in prices following the proposal’s passing indicates positive market sentiment and confidence in Terra Luna Classic’s future prospects.
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