Terra Luna Classic Community Pool USTC Burn
A voting proposal called “Burn 8 million USTC directly from CP” is currently open on the Station wallet. The purpose of this proposal is to burn all USTC in the community pool by sending them to a burn address. At present, the community pool contains 8.03 million USTC according to StakeBin data.
During the initial voting phase, the proposal received a low percentage of “Yes” votes, with most members voting against it. Out of the 7 validators who participated in the governance voting, 4 supported the proposal while 3 opposed it.
The proposal aims to burn the USTC in the community pool as it is currently not needed for community initiatives. The pool already has a significant amount of 3.49 billion LUNC, which is sufficient to cover on-chain activities and other costs.
“By burning this amount of USTC, we demonstrate our commitment to self-sufficiency and responsible management of community resources. This action aligns with our vision for deflation and shows that we are proactive in shaping the future of Terra Classic,” stated VegasMorph.
LUNC And USTC Pares Earlier Gains
On another note, the community has rejected a proposal to burn 800 million USTC and is exploring alternative methods to burn these stablecoins. The Terra Luna Classic community was informed that Risk Harbor lost the keys and agreed to blacklist the wallet.
The price of LUNC has decreased by 2% from its 24-hour high of $0.000158. It is currently trading at $0.000147. However, trading volume has increased by 10% over the past 24 hours.
As for USTC, its price is currently at $0.0331, down 1% in the last 24 hours. The price has remained relatively stable over the week, with a 24-hour low of $0.0331 and a high of $0.0351.
Hot Take: Terra Luna Classic Community Pool USTC Burn
The Terra Luna Classic community is considering a proposal to burn all USTC in the community pool. The voting results so far have shown a majority against the proposal. However, the community believes that burning these stablecoins will demonstrate their commitment to self-sufficiency and responsible resource management. In other news, the community has rejected a separate proposal to burn 800 million USTC due to the loss of keys by Risk Harbor. The prices of LUNC and USTC have experienced some fluctuations but remain relatively stable. Overall, the Terra Luna Classic community is actively working towards shaping the future of their ecosystem.
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