Terra Luna Classic Burns 726 Million USTC From Anchor Protocolđ„đ„đ„đ„
#Court-approved date....
Over 726 million USTC were burned after the Terra Luna Classic community approved proposal 12135 to burn tokens in Anchor Protocol via contract migration. With Terraform Labs (TFL) cleared to wind down operations by a US bankruptcy court, the community expects billions of LUNC and USTC burns from related projects.
Over 726 Million USTC Burned After Proposal Passes
In the major news for the LUNC community, 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 Terraform Labs-owned Anchor Protocol.
The proposal was passed narrowly by the Terra Luna Classic community with 27.23% votes in favor. Among validators, nearly 25% voted âYesâ and 48% voted âAbstainâ 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.
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