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USTC Sets Sights on $1 Revival As Community Starts Voting On Revolutionary Proposal
Network validators and the Terra Classic community's L1 Task Force (L1TF) have persisted in finding solutions to return $USTC to its dollar peg. A fresh proposition that they have put out as part of their efforts is now being voted on.
A New Proposal Involves the Burning of 800 Million US Dollars in Crypto
The community is planning to burn 800 million USTC tokens in a "legally absolved route" in their most recent proposal (Proposal 11927). The Luna Classic treasury, which is stored in the Risk Harbor Multisig Wallet, is where the money that are being offered for burning really originate from.
Risk Harbour confessed to having misplaced the keys to the Multisig wallet, which led to the thought of burning these monies. This led them to the conclusion that the wallet should be blacklisted. On the other hand, many in the community think that burning these tokens would be the best course of action, given the enormous quantity of USTC that might be burned and the subsequent increase in token value.
Earlier, the community has suggested burning 800,000,000 USTC through an Update to the Terrad Client. Unfortunately, many validators choose not to vote, hence the proposition did not succeed. According to LUNC validator Lunanauts, the validators he contacted with were hesitant to vote because to concerns about potential legal consequences associated with modifying their nodes' code to destroy the money.
As an alternate, this most recent suggestion was put up since validators won't have to update their node code for the burn to happen. Since validators are "legally absolved" via this way, Lunanauts may think this idea should go through without any problems. Its effect is identical to that of the original plan.
From the looks of the vote thus far, the LUNC validators are still unconcerned with the most recent proposal. Only 8.67% of the total votes have been cast, according to the voting forum data. It is worth noting that 48.31% of the votes cast so far have been marked as "abstain," indicating that they are neither explicitly supporting or opposing the candidate.
There is still time for the proposal to fulfill the pass threshold; voting concludes on December 27, which is great news for the Terra Classic community. Also, considering that 50% is the pass criterion, the fact that just 5.63% have voted "No" is encouraging. Nevertheless, 40% of the total votes are still required to meet the quorum.
#USTC #LUNC #TerraLunaClassic
A New Proposal Involves the Burning of 800 Million US Dollars in Crypto
The community is planning to burn 800 million USTC tokens in a "legally absolved route" in their most recent proposal (Proposal 11927). The Luna Classic treasury, which is stored in the Risk Harbor Multisig Wallet, is where the money that are being offered for burning really originate from.
Risk Harbour confessed to having misplaced the keys to the Multisig wallet, which led to the thought of burning these monies. This led them to the conclusion that the wallet should be blacklisted. On the other hand, many in the community think that burning these tokens would be the best course of action, given the enormous quantity of USTC that might be burned and the subsequent increase in token value.
Earlier, the community has suggested burning 800,000,000 USTC through an Update to the Terrad Client. Unfortunately, many validators choose not to vote, hence the proposition did not succeed. According to LUNC validator Lunanauts, the validators he contacted with were hesitant to vote because to concerns about potential legal consequences associated with modifying their nodes' code to destroy the money.
As an alternate, this most recent suggestion was put up since validators won't have to update their node code for the burn to happen. Since validators are "legally absolved" via this way, Lunanauts may think this idea should go through without any problems. Its effect is identical to that of the original plan.
From the looks of the vote thus far, the LUNC validators are still unconcerned with the most recent proposal. Only 8.67% of the total votes have been cast, according to the voting forum data. It is worth noting that 48.31% of the votes cast so far have been marked as "abstain," indicating that they are neither explicitly supporting or opposing the candidate.
There is still time for the proposal to fulfill the pass threshold; voting concludes on December 27, which is great news for the Terra Classic community. Also, considering that 50% is the pass criterion, the fact that just 5.63% have voted "No" is encouraging. Nevertheless, 40% of the total votes are still required to meet the quorum.
#USTC #LUNC #TerraLunaClassic
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