Terra Luna Classic Community Rejects 800 Million USTC Burn Proposal
The Terra Luna Classic community has decided not to proceed with the proposal to burn 800 million TerraClassicUSD (USTC). Instead, they are exploring alternative methods to burn these funds. The community believes that there are easier ways to burn the funds from the Risk Harbor multisig wallet without facing any legal consequences.
Recently, the Terra Luna Classic community was informed that Risk Harbor lost the keys and has agreed to blacklist the wallet.
Terra Luna Classic Seeks Alternative Ways
The proposal to burn 800 million USTC from the Risk Harbor multisig wallet, titled “RH MultiSig Wallet – Burn 800m via Update to Terrad Client,” has been rejected by the Terra Luna Classic community. The proposal received a low percentage of “Yes” votes and a high percentage of “Abstain” votes, indicating a lack of support from the community.
There were 13 validators who voted in favor of the proposal, including StakeBin, LUNC Development Fund, LuncGoblins, and PFC. On the other hand, 17 validators voted against it. Additionally, there were 3 “No with veto” votes and 11 “Abstain” votes. Two validators also voted against the proposal.
In light of this rejection, Lunanauts, a Terra Luna Classic validator, suggested an alternative solution that involves burning the 800 million USTC through a contract in the Terra Luna Classic treasury held in the Risk Harbor Multisig Wallet. This method would eliminate the need for validators to install any code and would minimize any potential legal implications.
Furthermore, there are ongoing discussions in the Commonwealth forum of the Terra Luna Classic community regarding other proposals to burn 800 million USTC.
LUNC and USTC Prices Experience a Decline
Over the past 24 hours, the price of LUNC has dropped by 13%, currently trading at $0.000144. The 24-hour low and high for LUNC are $0.000142 and $0.000168, respectively. However, there has been a 20% increase in trading volume during this period.
Similarly, the price of USTC is now at $0.032, reflecting a 13% decrease in the last 24 hours. The 24-hour low and high for USTC are $0.0314 and $0.0374, respectively. Trading volume has also increased by 14% in the past 24 hours, indicating a decline in interest among traders.
Hot Take: Terra Luna Classic Community Rejects Proposal to Burn 800 Million USTC
The Terra Luna Classic community has decided against burning 800 million USTC from the Risk Harbor multisig wallet through an update to the Terrad Client. Instead, they are searching for alternative ways to burn these funds. While this proposal received limited support from the community, discussions are ongoing regarding other methods to achieve the desired outcome. Meanwhile, the prices of LUNC and USTC have experienced declines in the last 24 hours, with trading volumes also fluctuating. It remains to be seen how the Terra Luna Classic community will address the burning of these funds and its impact on the cryptocurrency market.
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