USTC Records a 25% Rally Following 800M Burn Proposal Approval

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Terra Luna Classic’s 800 Million USTC Burn Sparks Excitement (1)

The post USTC Records a 25% Rally Following 800M Burn Proposal Approval appeared first on Coinpedia Fintech News

The Terra Luna Classic (LUNC) community has witnessed a significant development as Proposal 12073, aiming to burn 800 million USTC through Contract Migration, has been officially approved after a period of intense debate. 

This decision has triggered a remarkable 25% surge in the USTC price, reaching $0.04055. However, the price has slightly retraced in the last few hours and is currently trading at $0.0356.

800M USTC Burn Proposal Passed

Despite its initial rejection, Proposal 12073, has now achieved a resounding success as it crossed the “pass threshold.” The proposal, titled “Burn 800M USTC through Contract Migration,” gained approval for the burn from the Risk Harbor multisig wallet, unlocking nearly $32 million worth of value. 

Meanwhile, the Terra Classic community showcased strong participation in the voting process, with 41.44% voting “Yes,” 32% “Abstain,” 18% “No,” and 8% “No with veto” votes.

Out of the 58 validators who participated, 42 voted in favor, 11 voted “Abstain,” and 5 voted “No” or “No with veto.” 

BREAKING 🚨

Allnodes VOTES ABSTAIN to prop 12073

We need all the YES votes we can get from all the other validators who have not voted yet. LETS BURN 800M #USTC 🔥@frag_dude @VegasMorph @MrDiamondhandz1 @RexYellerBelly @TerraWorld #LUNC ✨#HaileyLUNC ✨#USTC ✨pic.twitter.com/9FndCpPhhZ

— Engin Yildiz (@engin301980) February 26, 2024

Notably, top validator Allnodes voted “Abstain,” allowing the community to move forward with the planned 800 million LUNC burn.

Implementation Strategy

With the proposal’s approval, the community is set to initiate the burn of 800 million USTC from the Risk Harbor multisig wallet. The chosen methodology involves utilizing a code migration process, seamlessly transferring the specified amount to a new code version. 

Notably, this process ensures that the blockchain’s fundamental structure remains unaltered, providing a secure and transparent path for the burn. However, Former Joint L1 Task Force (L1TF) developer Fragwuerdig assures that this approach maintains the blockchain’s integrity.

USTC Price Rockets 25%

Following the community’s decision to burn 800M USTC, the USTC price experienced a thrilling 25% surge, reaching $0.04055. While this sparked celebrations among Terra Luna Classic supporters, the price has slightly adjusted to $0.0356 in the hours that followed. This upward movement has reignited optimism for reclaiming December’s $0.060 level.

Beyond the USTC excitement, the LUNC token observed a 2% uptick in the past 24 hours, now trading at $0.000124. 

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