Optimism is building in the Terra Luna Classic ecosystem as the community has approved a proposal to burn over 46 million TerraClassicUSD (USTC) tokens. These funds, tied to the Mirror Protocol, are part of Terraform Labsâ wind-down plan.
The USTC burn proposal, which passed after a previous attempt failed due to insufficient contract balances, aims to remove 46.55 million USTC from circulation. The communityâs commitment is evident, with 33.9% voting in favor, 1.3% against, 36.46% vetoing, and 28.25% abstaining. The burn targets inactive wallets linked to the Mirror Protocol, which have been dormant since USTC's crash in May 2022.
Following the proposalâs approval, USTC saw a 2.2% price increase, with trading volume jumping 25% to $8.6 million. LUNC also gained 2.3%, with trading volume rising 25.8% to $27.7 million.
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