A Massive Burn Proposal to Reduce USTC Supply
The Terra Classic (LUNC) community is planning to burn a significant amount of digital currency as part of its deflationary campaign. A proposal has been submitted to burn 800 million USTC tokens that are currently held in the Risk Harbor Wallet. However, due to divisions within the community and the loss of the wallet’s keys, burning the tokens has become challenging.
To address this issue, the proposal suggests implementing a contract migration to regain control of the assets and enable the burn. Burning excess LUNC and USTC tokens is crucial for Terra Classic’s price revival and success. Previous burns have involved entities like Binance exchange, and if this proposal passes, it will reduce the USTC supply from 8.96 billion tokens to 8.1 billion.
Terra Classic Price Surges After USTC Burn Update
Following news of the USTC burn proposal, both USTC and LUNC prices experienced significant increases. USTC is currently trading at $0.03255, up by 2.35% in the past 24 hours, while Terra Classic saw a 4.6% jump in price to $0.0001296.
Historically, updates on LUNC or USTC burns have led to price surges, and with new trends emerging from this proposal, we can expect even more significant price jumps in the future.
Hot Take: Burning Tokens for a Stronger Future
The Terra Classic community’s commitment to burning excess tokens demonstrates their determination to create a stronger and more valuable ecosystem. By reducing the supply of USTC through burns, they aim to increase its price valuation and restore Terra Classic’s glory.
If successful, the proposal to burn 800 million USTC tokens will mark another important step in this deflationary campaign. Keep an eye on Terra Classic as it continues its journey towards a more prosperous future.
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