Terra Luna Classic community approves proposal to burn 800 million USTC
The Terra Luna Classic community has officially endorsed the proposal to burn 800 million USTC. suggested Vegas, a popular LUNC community member. Ozone Protocol wallet containing 800 million USTC blacklisted. Freezing tokens instead of destroying them without authorization. Traders reacted immediately to the approval of the proposal, leading to an increase in prices.
Terra Luna Classic Community Passes Proposal to Burn 800 Million USTC Proposition 11832 “Proposal to blacklist the wallet TERRA1QYW695VAXJ7JL6S4U564C6XKFE59KERCG0H88W” crossed the “success threshold” after the Allnodes lead validator voted “yes” to the proposal.
The proposal received 54.07% yes, while 30.51% decided to vote “no.” He also received 13.39% who did not vote with veto power, and 2.03% who abstained from voting. It is not clear to the community whether freezing the wallet is the right thing to do as this may significantly delay the cremation process.
Among the 52 certifiers participated in the voting. 21 favored the proposal and 21 voted “no” and “no” with a veto. It's a major proposal and that's why some popular validators like Hexxagon, LuncLive, LuncGoblins, and Solidvote chose to vote “abstain.”
“Directly changing the state of the blockchain and destroying funds goes against the spirit of blockchain. Blacklisting allows reversible action. This allows funds to be recovered through governance if valid reasons are provided by the wallet owners.”
The community previously passed proposals to approve the burning of 800 million USTC. But the idea of using diplomacy to convince wallet owners to transfer to the community pool or burn the funds directly has failed. The L1 development team will implement the blacklisting process immediately.
LUNC Price Rising LUNC and USTC prices are recovering from the recent sell-off in the broader cryptocurrency market. USTC's 800 million burn is crucial to USTC's re-registration and LUNC's revival.
LUNC price has jumped 1% in the last 24 hours, and the price is currently trading at $ 0.000056 . The 24-hour low and high are $0.0000556 and $0.0000574 respectively. However, the price is still trading below the support level.
Meanwhile, USTC price is trading at $0.011, and has been moving sideways for the past 24 hours. The 24-hour low and high are $0.0109 and $0.0111 respectively.
