Terra Luna Classic Community Launches USTC Burning Proposal

Details of the USTC Burning Proposal

The new USTC burning proposal aims to burn a total of 46.55 million USTC through contract migration, focusing on wallets associated with the Mirror Protocol. Although these burns attracted attention in 2023, external investors have remained largely uninspired by recent news due to their minimal impact on pricing.

A previous attempt at a token burning proposal failed due to insufficient contract balances. Now, the community has renewed its focus on the issue. Chris Amani, CEO of TerraForm Labs, indicated during a community meeting that TFL plans to burn all Terra Classic assets.

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