Terra Luna Classic Community Burns 800 Million USTC Tokens
The Terra Luna Classic community has voted in favor of burning 800 million USTC tokens related to the Ozone protocol. This decision comes as the community believes it is better to burn the tokens rather than returning them to the community pool. As a result, the prices of LUNC and USTC are rebounding after experiencing a 10% drop during a broader crypto market selloff.
Key Points:
- Proposal 11710, submitted by Vegas, has been passed by the Terra Luna Classic community.
- The proposal suggests directly burning the 800 million USTC tokens.
- Signatories of the Ozone reserve wallet will initiate the burning process by transferring the funds to the burn address.
- Previous proposals aimed at bringing back or burning the tokens have become ineffective.
- Proposal 11710 received a majority vote in favor of burning the tokens, with 35 validators supporting the decision.
LUNC and USTC Prices Rebound
After the burn proposal, the prices of LUNC and USTC have started to recover from the recent market selloff. The burn is seen as a significant step towards repeg and revival of LUNC.
Hot Take:
The decision to burn 800 million USTC tokens showcases the community’s commitment to managing their token economy. By removing a significant portion of the supply, they aim to create scarcity and potentially drive up the value of LUNC. It will be interesting to see how this burn affects the long-term performance of Terra Luna Classic.
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