Terra Luna Classic Rises Again: Massive USTC Burn Boosts Token Value
The Terra Luna Classic (LUNC) ecosystem is making a strong comeback, driven by a major burn initiative for its stablecoin, TerraClassic USD (USTC). Recently, the community approved proposal #12138, which involves burning 46,556,271 USTC through the Mirror Protocol. This initiative aims to reduce the excess supply of tokens, positively affecting the value of LUNC, which has experienced a price surge as a result.
This burn is part of TerraForm Labs' bankruptcy process, the company behind the creation of LUNC and USTC. A court mandate requires TerraForm Labs to destroy all remaining digital assets before shutting down, with the deadline for the burns set for October 30, 2024.
TerraForm Labs' CEO, Chris Amani, emphasized the importance of burning tokens instead of destroying private keys, highlighting the urgency and significance of the ongoing process.
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