Crypto News – The plan to burn 800 million USTC has been officially approved by the Terra Luna Classic community, which increases the price of LUNC.
Terra Luna Classic Community Decides to Burn 800 Million USTCs
The plan to burn 800 million USTC has been approved by the community. Popular LUNC community member Vegas recommended freezing the tokens instead of destroying them without permission by blacklisting the Ozone Protocol wallet containing 800 million USTC. As soon as the idea was approved, traders raised prices.
Community Disagrees Within Itself
After receiving a majority vote from the top validator Allnodes, proposal 11832, “Proposal to blacklist wallet TERRA1QYW695VAXJ7JL6S4U564C6XKFE59KERCG0H88W,” passed the pass threshold. 30.51% of voters rejected the idea, while 54.07% voted “Yes.” Additionally, votes against it were cast with a veto of 13.39% and an abstention of 2.03%. Although drastically delaying the burn may be the best course of action, the community is divided on whether freezing the wallet is the right move.
The proposal received 21 votes in favor and 21 votes against it, including one with the veto, from the 52 validators that took part in the voting. It’s a significant proposition, which is why certain well-known validators, including Hexxagon, LuncLive, LuncGoblins, and Solidvote, opt to vote “Abstain.”
Unexpected Increase in LUNC Price
The price of LUNC increased 1.52% in the last day, reaching $0.00005707 as of right now. The low and high values over the past 24 hours are $0.00005606 and $0.00005742, respectively. The price is still moving below the support level, though.
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