Proposal to Burn USTC from Terra Luna Classic Community Pool
A member of the Terra Luna Classic community, VegasMorph, has put forward a proposal to burn all 8 million TerraClassicUSD (USTC) in the community pool. This move comes as part of an ongoing effort to burn 800 million USTC from the Risk Harbor Multisig Wallet, which VegasMorph initially suggested.
Details of the Proposal
VegasMorph has reached out to the wider Terra Luna Classic community with a proposal to burn USTC in the community pool. The proposal aims to burn approximately 8 million USTC through a spend proposal to a burn address. Currently, the community pool holds 7.95 million USTC, according to StakeBin data.
The Reasoning Behind the Proposal
The rationale behind this proposal is that the USTC in the community pool is not currently necessary for community initiatives. The community pool already contains a significant amount of 3.3 billion LUNC, which is sufficient to cover on-chain activities and other costs.
VegasMorph’s Statement
VegasMorph stated, “By taking the initiative to burn this amount of USTC, we demonstrate our commitment to self-sufficiency and responsible management of community resources. This action not only aligns with our community’s vision for deflation but also sends a powerful message that we are proactive in shaping the future of Terra classic.”
Community Rejects Proposal to Burn 800 Million USTC
On another note, the community has rejected a proposal to burn 800 million USTC and is exploring alternative methods for burning these stablecoins. Recently, it was revealed that Risk Harbor lost the keys and agreed to blacklist the wallet.
Price Movements
In the past 24 hours, the price of LUNC has dropped by 3%, currently trading at $0.000155. The 24-hour low and high are $0.000150 and $0.000173, respectively. However, trading volume has increased by 141% in the last 24 hours.
On the other hand, USTC is currently priced at $0.0334, experiencing a 6% decline in the last 24 hours and a 15% drop last week. The 24-hour low and high for USTC are $0.0336 and $0.0365, respectively.
Hot Take: Terra Luna Classic Community Proposes Burning USTC to Shape Its Future
A member of the Terra Luna Classic community, VegasMorph, has suggested burning all 8 million USTC from the community pool as part of their commitment to self-sufficiency and responsible resource management. This proposal aligns with the community’s vision for deflation and sends a strong message about their proactive involvement in shaping the future of Terra classic. Additionally, the community is exploring alternative methods to burn 800 million USTC after Risk Harbor lost access to their wallet. The price of LUNC has seen a slight decline, while USTC has experienced a drop in value recently.
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