$LUNC Over 726 million USTC were burned following the approval of Terra Luna Classic's proposal 12135, which enabled the burning of tokens in the Anchor Protocol through contract migration. This significant event took place as Terraform Labs (TFL) received clearance to wind down operations by a U.S. bankruptcy court. The Terra Luna Classic community now anticipates additional burns of LUNC and USTC from related projects.
The proposal passed with narrow support, as 27.23% of the community voted in favor. Among validators, around 25% voted "Yes," while 48% abstained, including Allnodes. However, 92% of delegators backed the proposal, as the tokens belonged to the community. The migration of the Anchor Protocol contract followed a governance model similar to Risk Harbor, but an attempt to burn 46 million USTC through Mirror Protocol failed. The issue is under investigation, and a new proposal has been submitted.
TFL CEO Chris Amani stated that all Terra Luna Classic assets must be burned as per court judgment. After October 31, TFL will cease interaction with the Columbus-5 and Phoenix-1 chains, making future token burns or transfers more challenging.
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