Terra Luna Classic Starts Testing 800 Million USTC Burn
A former developer of the Joint L1 Task Force (L1TF), along with other developers and Terra Luna Classic validators, is working on a plan to burn 800 million USTC to reduce the circulating supply of the stablecoin. The team is currently conducting a testnet rehearsal in response to the community’s decision to burn the USTC balance in a contract. The move comes after it was determined that fund recovery from wallet owners is not possible and blacklisting serves no purpose anymore.
The testnet rehearsal involves migrating a contract via governance to burn its contract balance. Although the testnet contact wallet does not have 800 million USTC, the community can still burn USTC through execution and migration endpoints. The code will be used to migrate 800 million USTC from a multisig contract or wallet to a new code version through a contract migration proposal. The community must approve the migration proposal for blacklisting and burning of the 800 million USTC balance. This process will not affect the state of the blockchain.
LUNC and USTC Price Performance Before CPI News
The price of LUNC has decreased after the US CPI release, currently trading at $0.0001145. The 24-hour low and high are $0.0001126 and $0.0001189, respectively. Trading volume has increased by 35% in the past 24 hours.
The price of USTC has also seen a 3% increase in the last 24 hours, trading at $0.02635. The 24-hour low and high are $0.02543 and $0.02727, respectively. Trading volume has increased by over 70% in the last 24 hours, indicating a rise in interest among traders.
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