đ Terra Luna Classic Rises Again: The Massive USTC Burn Boosts Token Value
The #TerraLunaClassic (LUNC) ecosystem has risen from the ashes thanks to an ambitious burn initiative of its stablecoin, #TerraClassic USD ($USTC ).
Recently, the community approved proposal #12138, which involves the burning of 46,556,271 #USTC through the Mirror Protocol. This is part of a strategy designed to reduce the oversupply of tokens in circulation and boost the value of #LUNCâ , which has seen an increase in its price as a direct result of these actions.
The USTC burn is framed within the bankruptcy process of TerraForm Labs, the entity behind the creation of $LUNC and USTC. The court has ordered TerraForm to eliminate all remaining digital assets before winding down operations, with a deadline set for October 30, 2024, to execute these burns.
In a recent conversation with the community, TerraFormâs CEO, Chris Amani, highlighted the necessity of opting for the burning of tokens instead of the destruction of private keys, a decision that underscores the urgency of the companyâs current context.
