Upcoming community vote to decide on proposal to burn tokens currently held in non-upgradeable contracts. The ongoing token removal is aimed at stabilizing LUNC and USTC prices, targeting a peg at $1.
The Terra Luna Classic community has proposed burning a significant amount of its cryptocurrency, potentially impacting the token, LUNC and USTC markets. According to recent announcements, the plan includes removing 12 billion LUNC and 68 million USTC from circulation, a move aimed at restoring the value of the token and stabilizing its price back to $1.
This proposed burn would target tokens held in contracts linked to the Lido DAO reward coordinator, effectively removing a significant amount of LUNC and USTC from the market supply. fruit.
This decision follows a recent action in which 7 billion LUNC was eliminated through a burn tax, a cumulative total of 8.34 billion in just one day, marking this as one of the phased eliminations. largest out of circulation to date.
The upcoming burn involves tokens from the Anchor bLuna reward and the Lido reward coordination contract. Details from the Terra Luna Classic Foundation show that the funds have been locked as of June 22, 2022, following the Lido DAO's decision to make Terra Classic contracts non-upgradeable and void their ownership.
The burning process will soon be voted on by the community, seeking approval to proceed with the disposal of these tokens. Additionally, Terra Luna Classic developers are planning to gradually burn LUNC and USTC from circulation, including removing 93 million LUNC and 87 million USTC from the Terra Shuttle Bridge (TSC) contract.
