LUNC 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 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 #TerraLunaClassic 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.
