Terra Luna Classic Community Rejects 8 Mln USTC Burn Proposal
The Terra Luna Classic community has rejected Proposal 11958, which aimed to burn 8 million USTC directly from the community pool. The proposal received a number of “No” votes from top validators, including Interstellar Lounge and JesusisLord. The community believes that the funds should be used for development purposes and providing liquidity support in projects.
The community pool currently holds 8.11 million USTC and 3.61 billion LUNC, according to StakeBin data. The rejection of the burn proposal demonstrates the community’s commitment to self-sufficiency and responsible resource management.
Massive Correction Amid Market-Wide Selloff
The price of LUNC has experienced a significant decline of 22% during the recent market-wide liquidations. It is currently trading at $0.000117, with a 24-hour low of $0.000114. Despite the drop in price, trading volume has increased by 50% in the last 24 hours, indicating continued interest among traders.
On the other hand, USTC price is trading at $0.0276, down over 3% in the last 24 hours and more than 20% in a week. The 24-hour low and high for USTC are $0.0257 and $0.0349, respectively.
Hot Take: Terra Luna Classic Community Rejects USTC Burn Proposal
The Terra Luna Classic community’s rejection of the USTC burn proposal highlights their focus on utilizing funds for development and liquidity support. By rejecting the proposal, they demonstrate their commitment to self-sufficiency and responsible resource management.
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