The Terra Luna Classic community recently initiated a USTC burn proposal, which has garnered significant attention from market participants. This initiative follows TerraForm Labs’ recent move to wind down operations and burn remaining assets, which has garnered significant attention from community members.
Meanwhile, this latest proposal aims to protect the Terra Classic community by deleting inactive contracts and burning USTC holdings.
LUNC News: Terra Luna Classic Community Vote on USTC Burn Proposal
The latest USTC burn proposal has attracted attention from the Terra Luna Classic community. According to the proposal, the proposal aims to burn a total of 46.55 million USTC through a contract migration, focusing specifically on wallets associated with the Mirror Protocol.
Notably, this move comes after a previous attempt to implement the burn proposal failed due to insufficient contract balances. Now, the community is revisiting the issue with renewed urgency. TerraForm Labs CEO Chris Amani mentioned in a community dissolution meeting that TFL intends to burn all Terra Classic assets.
Meanwhile, this approach is driven by the need to ensure security and compliance with current regulatory requirements. According to Amani, the wallets in question will be destroyed rather than leaving the keys vulnerable to future access. “Burn would be the best option,” he stressed.
The proposal points out that with the large amounts of USTC and LUNC tied up in these contracts, the community must act quickly to protect assets through migration and burning. Additionally, it emphasizes the importance of this action as part of a larger effort to prevent further complications after TFL leaves the Terra ecosystem.
