๐ฅ ๐๐ ๐ฐ๐ถ๐๐ถ๐ป๐ด ๐ก๐ฒ๐๐ ๐ถ๐ป ๐ง๐ฒ๐ฟ๐ฟ๐ฎ ๐๐ผ๐บ๐บ๐๐ป๐ถ๐๐ ๐ฅ
Last week witnessed a massive burn of 700 million LUNC and 230,000 USTC tokens, a move expected to bolster the crypto values! ๐
๐ LUNCMetrics data supports this burn initiative, showcasing its impact on the Terra ecosystem. Since the May 13, 2022, LUNA collapse, a whopping 94.31 billion LUNC and 1.50 billion USTC tokens have been burnt and destroyed. ๐ฅ๐
๐ณ๏ธ The community engaged in a critical vote to burn 800 million USTC tokens, yet the proposal faced rejection due to legal concerns. Nonetheless, Terra's resilience shines through, with ongoing efforts to enhance the ecosystem.
๐ก A potential game-changer: The proposal to make Terra's blockchain Ethereum Virtual Machine (EVM) compatible was explored. While this move could inject more funds into the system, concerns about resource allocation led to a veto by some validators. ๐๐ป
โ ๏ธ A recent setback hit the Terra community as Terraform Labs filed for bankruptcy, causing a dip in LUNC and UST values. Legal issues emerged as the court deemed LUNA and TerraUSD unregistered securities.
๐ธ The bankruptcy proceedings may see Terraform Labs selling LUNC and USTC, impacting their prices. The community faces challenges, but Terra's commitment to revival remains steadfast!๐๐ช
$LUNC $USTC
