Terra Luna Classic Community Contemplates Token Burn Proposal
Terra Luna Classic (LUNC) has recently witnessed a significant development with the successful approval of community proposals 11658 and 11660. These proposals authorize the retrieval and potential incineration of a total of 800 million USTC tokens. While the sentiment leans towards directing these tokens to a burn address, debates within the community are intensifying over the appropriate course of action.
Proposal 11658 and the Shift in Staking Ratio
Proposal 11658, put forward by Vegas, a former member of the ex-Terra Rebels developer group, has gained approval with a 70.27% affirmative vote. Vegas suggests reintegrating the 800 million USTC on-chain funds back into the Terra Luna Classic community pool, citing deviations in the Ozone Protocol project's development plan.
In parallel, Proposal 11660, titled “Burn 100% of Funds Should Prop: 11658 Pass,” has garnered substantial support with an 82.55% "Yes" vote. This counter-proposal advocates for the complete incineration of the 800 million tokens, possibly taking precedence due to its higher vote count.
Implications for LUNC's Price Dynamics
The recent community decisions have raised questions about the impact on LUNC's price dynamics and overall sentiment. Notably, there has been a decline in LUNC's staking ratio within the past 24 hours, indicating that holders are un-staking their tokens. This trend suggests a waning level of trust and confidence in LUNC's performance.
The current staking ratio for LUNC stands at 14.92%, reflecting the portion of tokens committed to staking and underscoring the community's engagement.
Awaiting Community Consideration
While the community is yet to reach a consensus on the final course of action, the debate surrounding the token burn proposal and its potential impact on LUNC's valuation continues. The aftermath of these decisions has left the community in anticipation of their effects on the token's price dynamics and overall sentiment.
Disclaimer: Cryptocurrency markets are subject to volatility, and the information provided in this article is for informational purposes only and should not be considered financial advice.
Source: [Crypto World by INQ2]