Terra Luna Classic Proposes Burning 800 Million USTC Tokens
Terra Luna Classic, a growing crypto community, has made an exciting proposal to burn 800 million USTC tokens, which has caused a buzz in the crypto sphere. Traders are now raising their bids in response to this development.
A Tight Vote
A prominent figure in the community, known as Vegas, has led the charge to blacklist and freeze a specific wallet containing these tokens. The voting process revealed that 54.07% supported the proposal, while 30.51% opposed it. Some validators remained neutral, indicating uncertainty within the community.
Support for the Token Burn
Previously, the community had approved the burning of 800 million USTC tokens but negotiations with the wallet owners for a fund transfer or direct burn failed. With the recent vote, the L1 development team is ready to begin the blacklisting process.
Terra Luna Classic recently achieved a significant milestone by burning 76 billion LUNC tokens, showcasing their commitment to reducing circulating supply.
How Does Binance Come Into the Picture?
Binance played a crucial role in this achievement by contributing to over half of the total LUNC tokens burned. The circulating supply of LUNC tokens currently stands at 5.80 trillion out of 6.83 trillion.
The objective is to enhance the utility of LUNC tokens and accelerate token burn by committing to a weekly average burn of 400 million LUNC tokens.
Hot Take: Terra Luna Classic Proposes Burning 800 Million USTC Tokens
Terra Luna Classic’s endorsement of burning 800 million USTC tokens has generated excitement within the crypto community. This proposal, supported by a tight vote, highlights the community’s commitment to reducing circulating supply and enhancing the utility of LUNC tokens. With Binance’s significant contribution to token burn, the community is determined to achieve their weekly average burn target. This development signals a positive direction for Terra Luna Classic and its ecosystem.
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