Terra Luna Classic Community Rejects USTC Repeg Team Proposal
The Terra Luna Classic community has rejected the community pool spend proposal to fund the USTC Quant team for the second month. The proposal has failed to receive minimum votes and received “No with veto” votes from the community members instead.
According to the latest voting details, Proposal 11716 “USTC / Stable Algo Quant Team – Month 2/2” has received 23% “Yes” votes. However, the proposal gets 50% “Abstain,” 25% “No with veto” and 2% “No” votes. Thus, the majority of the Terra Luna Classic community voted to reject the spending proposal.
Interestingly, 20 out of 38 validators including Lunanauts, PFC, StakeBin, LUNC DAO, and Coinpayu voted “Yes” and others such as Happy Catty Crypto, SolidVote, Vegas Node, and JESUSisLORD rejected the proposal. The proposal didn’t get support from the Terra Luna Classic community.
The Quant Team seeks 285 million LUNC ($20,000) funding for August. The team will enhance a tool for the USTC Incremental Repeg Buybacks & Staking Swaps algorithm.
The USTC repeg team also plans to identify sources of “zombie USTC” for burn without any additional funding. Currently, the team is working to prepare for 800 million USTC related to the Ozone protocol.
Read More: Terra Luna Classic’s (LUNC) Vision For Revival And Better Governance
LUNC Burn Rate Jumps
LUNC price is continuously falling since it failed to hold above the $0.00009 level. However, the recent decline in prices has boosted the LUNC burn rate. The Terra Luna Classic burn rate significantly increased from August 15, as per data by StakeBin.
LUNC price is currently trading at $0.000064, down 2% in the last 24 hours. The 24-hour low and high are $0.0000620 and $0.0000654, respectively.
Meanwhile, USTC price also fell 3% in the past 24 hours, with the price currently trading at $0.012. However, the trading volume has increased in the past 24 hours.
Also Read:
- Veteran Trader Peter Brandt And Popular Analysts Predict Another Bitcoin Price Fall
- Shiba Inu Lead Developer Promises Scaling Shibarium By 1500%
- Sam Bankman Fried Urges for Weekly Jail Release to Prepare for Defense Case
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
