Crypto News– The Terra Luna Classic community has successfully endorsed a proposal to directly burn 800 million USTC, which is associated with the Ozone protocol.
Opting to incinerate these USTC tokens rather than returning them to the community pool, the community’s decision has had a positive impact on both LUNC and USTC prices, rebounding after experiencing a more than 10% decline during a wider crypto market downturn.
Terra Luna Classic’s Proposal for Direct 800 Million USTC Burn Successfully Approved, Leading to LUNC Surge
Proposal 11710, submitted by Vegas, titled “Directly burn the 800 million USTC,” has gained the official approval of the Terra Luna Classic community. With a growing consensus among community members in favor of the 800 million USTC burn, a fresh proposal was introduced to effectuate the direct burning of the tokens.
The proposal outlines that the signatories of the Ozone reserve wallet should initiate the process of burning the 800 million USTC by directly transferring the funds to the Terra Luna Classic burn address. Furthermore, the previously passed proposals, numbered 11658 and 11660, will be rendered ineffective.
Proposal 11658 aimed to bring back 800 million USTC from the Ozone Protocol reserve wallet to the Terra Luna Classic community, while Proposal 11660 served as a counter-proposal to burn 800 million USTC instead of redirecting them to the community pool. Both these proposals received community approval, necessitating the introduction of a new proposal for the direct burning of the tokens.
LUNC and USTC Witness Price Rejuvenation
With nearly 85% of the votes in favor, 8% “Abstain,” and 7% “No” votes, Proposal 11710 garnered strong support. Among the 40 validators participating in the proposal, 35, including influential entities like Allnodes, Interstellar Lounge, HappyCattyCrypto, StakeBinfavor, and 1maxfee, expressed their preference to burn the 800 million USTC.