The Terra Luna Classic community has taken a significant step by burning 726 million USTC tokens from Anchor Protocol. This development comes after the community approved Proposition 12135 and a bankruptcy court allowed Terraform Labs (TFL) to cease operations. Following the events, both LUNC and USTC tokens have shown a slight increase. Let’s examine how this latest decision by the Terra Luna Classic community could impact the future of LUNC and USTC tokens.
Terra Luna Classic Community Burns 726 Million USTC After Bid Approval
The Terra Luna Classic community recently approved Proposal 12135, burning over 726 million USTC tokens via contract migration within the Anchor Protocol. The proposal narrowly passed with 27.23% of the vote, demonstrating the community members’ determination to reduce the USTC supply. There was a mixed reaction among validators, with 25% voting “Yes” and 48% abstaining, but the support of 92% of delegates suggests broad community support for the burn initiative.
The transition to a new contract for Anchor Protocol was completed successfully, but similar efforts on Mirror Protocol encountered some issues that prevented the burning of 46 million USTC. The development team is investigating these implementation flaws and plans to resubmit the proposal. TFL CEO Chris Amani explained that all Terra Luna Classic assets will be burned in accordance with the court order, and a significant deadline of October 31 has been set, after which the token burn or transfer may become more complicated.
Following these developments, both LUNC and USTC tokens have seen modest price increases. LUNC’s price has increased by 2% in the past 24 hours to $0.0000858. However, LUNC’s trading volume remains low amid overall market pressures. Similarly, USTC has increased by 2% in the past 24 hours to $0.01798. While this increase suggests a resurgence of investor interest, total trading volume has decreased by 37% in the same period.
The recent token burn event has also triggered increased activity in the derivatives market. Futures open interest for both LUNC and USTC increased by more than 2% in a short period of time, indicating a positive sentiment among market participants. This increase in derivatives trading highlights that the effective reduction in token supply and potential future stability is increasing investor confidence.
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