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LUNC News: A former Joint L1 Task Force (L1TF) developer, along with other developers and Terra Luna Classic validators, has started working on 800 million USTC burn to reduce the circulating supply of stablecoin by burning balance in a contract. According to the latest details, a proposal for contract migration will be submitted for voting.
Terra Luna Classic Starts Testing 800 Mln USTC Burn
The Terra Luna Classic developer Fragwuerdig on February 13 revealed that a testnet rehearsal is ongoing in response to to community’s plan to 800 million USTC burn. The move comes after the community decided to burn instead as no fund recovery via the wallet owners is possible and blacklisting serves no purpose anymore.
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“I am going to need your “testnet-yes” on proposal 45. We are migrating a contract via governance to burn it’s contract balance,” he said.
Notably, the testnet contact wallet on rebel-2 does not have 800 million USTC, but 10 million USTC due not limited supply on testnet. However, the community can burn USTC through execution and migration endpoint to execute a handler that burns the contracts with USTC balance.

The code will be used to migrate 800 million from multisig contract or wallet of Risk Harbor to a new code version via a contract migration proposal. The community needs to approve the migration proposal for blacklisting and burning of 800 million USTC balance. This metholodolgy will not alter the state of the blockchain, claims Fragwuerdig.
LUNC and USTC Price Performance Before CPI News
LUNC price pares earlier gains after the US CPI release, with the price currently trading at $0.000113. The 24-hour low and high are $0.000111 and $0.000118, respectively. Furthermore, trading volume has decreased by 20% in the past 24 hours.
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USTC price jumped in response to the 800 million USTC burn, with the price trading at $0.02636. The 24-hour low and high are $0.02576 and $0.02727, respectively. Trading volume has slightly increased as compared to the last day, indicating interest among traders.

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Bitcoin (BTC), the first cryptocurrency, is spearheading a surge in the crypto market, showing positive gains across the board.

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Bulls appear determined to drive prices to new highs in 2024. However, this surge in Bitcoin’s value, aimed at surpassing its all-time high (ATH) of $69,000, has disappointed a significant number of short traders.
Bitcoin Regains $1 Trillion Market Cap Amidst Ongoing Rally
Bitcoin’s price has surged by another 3% in the past 24 hours, marking a remarkable uptick of over 20% in the last seven days. Currently trading at an average price of $51,620, Bitcoin’s recent rally has propelled its market capitalization back above the $1 trillion mark.
This milestone achievement comes after Bitcoin initially reached the $1 trillion market cap milestone back in December 2021. Since then, Bitcoin has experienced fluctuations in the market, but its recent surge has led to a resurgence in its market capitalization. Notably, the global market cap has also seen significant growth, rising by more than 2% over the past day to reach $1.92 trillion.
With its market capitalization surpassing $1 trillion once again, Bitcoin now stands ahead of major companies like Berkshire Hathaway, Walmart, and Tesla. Despite concerns surrounding higher-than-expected US inflation data released earlier in the week, Bitcoin’s rally has continued unabated.
Crypto Liquidations and Market Sentiment Analysis
Coinglass data reveals that within the last 24 hours, over 58,000 traders faced liquidation, resulting in the closure of positions totaling $222.28 million across both long and short positions. Notably, the largest single liquidation order, valued at $10.20 million, occurred on the OKX exchange for the BTC/USDT-SWAP pair.
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Further analysis of the liquidations indicates that approximately $136 million worth of positions liquidated in the past day were short bets, with an additional $90 million in short bets liquidated within the last 4 hours. This trend suggests that traders may have anticipated a market downturn following a significant surge in the overall crypto market.
Also Read: Bitcoin's Bull Run Starts; Analyst Forecasts $55K Before Halving
Despite fluctuations, Google Search Trends show a sustained interest in Bitcoin, with a current popularity rating of 18, although it remains below its peak. This suggests that while mainstream interest in Bitcoin continues to grow, there is still room for further expansion, potentially contributing to its ongoing upward trajectory.
In tandem with Bitcoin’s rally, major altcoins like Ethereum and Cardano have also seen positive movement, with prices surging by more than 2% and 4%, respectively. Ethereum is now trading above the $2,700 mark, signaling confidence in the broader crypto market rally.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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