š #LUNCā News: Over 726 Million #USTC Burned After Proposal Passes
In the major news for the $LUNC community today, more than 726 million $USTC were burned through Anchor Protocol contract migration. The burn came after the community approved proposal 12135 to burn tokens in wallets of #TerraformLabs -owned Anchor Protocol.
The proposal was passed narrowly by the #TerraLunaClassic community with 27.23% votes in favor. Among validators, nearly 25% voted āYesā and 48% voted āAbstainā including Allnodes. However, 92% of delegators supported the proposal as the tokens belong to the community.
The developer migrated Anchor Protocol contract to a new code via governance similar to Risk Harbor. However, the execution on the Mirror Protocol failed to burn 46 million USTC. The proposal is submitted again, but developer claims to investigate the reasons behind the failed execution.
All Terra Luna Classic assets as stated by TFL CEO Chris Amani and ordered by the court judgment should be burned. TFL will not interact with Columbus-5 or Phoenix-1 chains after October 31. Any token burn or transfer will be difficult post the court-approved date.