.A former developer started the Joint L1 Task Force (L1TF). Along with other developers and validators of Terra Luna Classic . Working to burn 800 million USTC to reduce the circulating supply of stablecoins by burning the balance in the contract. According to the latest details, a proposal regarding contract migration will be presented for a vote.
. Terra Luna Classic Begins Test Burn of 800 Million USTC Terra Luna Classic developer Fragwuerdig revealed on February 13 that a testnet trial is ongoing in response to the community's plan to burn 800 million USTC. The move comes after the community decided to burn the funds instead as the funds cannot be recovered via the wallet owners and the blacklisting no longer serves any purpose anymore.
. “I will need your approval to try out the testnet on Proposition 45,” he said. “We are migrating the contract through governance to burn through the contract balance.”
. Notably, the testnet wallet on Rebel-2 does not contain 800 million USTC. But 10 million USTC since the supply on testnet is not limited. However, the community can burn USTC through the execution and relay endpoint to execute a handler that burns contracts with USTC balance.
. The code will be used to migrate 800 million multisig nodes or Risk Harbor wallets to a new code version via a contract migration proposal. The community needs to approve the migration proposal to blacklist and burn 800 million USTC balance. This methodology will not change the state of the blockchain, says Fragwuerdig.
