LUNC News: Terra Classic Validator Proposes Legally Absolved Route To Burn 800 Million USTC

LUNC News: Terra Luna Classic validators proposes legally possible route to burn 800 million USTC, prices rebound over 2%.
By Varinder Singh
Updated 1 day ago
LUNC News: Terra Luna Classic USTC price

LUNC News: Terra Luna Classic community contemplating to burn 800 million USTC stablecoins again. A validator suggested a legally possible route to burn 800 million USTC from the Terra Luna Classic treasury, held in the Risk Harbor Multisig Wallet through a contract.

The burn narrative picks pace amid a significant plunge in LUNC and USTC prices. The prices are expected to rebound after the Fed rate decision.

Advertisement
Advertisement

Terra Luna Classic Community To Burn 800 Million USTC

Terra Luna Classic validator Lunanauts expressed concerns about the legal repercussions of proposal 11913. The proposal aims to burn the 800 million USTC still in the Risk Harbor multisig wallet via an update to Terrad client.

The validator believes initiating the burn of 800 million USTC from the Luna Classic treasury using a simplified contract. The Terra Luna Classic community was notified that Risk Harbor lost the keys and has agreed to blacklist the wallet. Thus, the community plans to burn instead as no fund recovery via the wallet owners is possible and blacklisting serves no purpose anymore.

Core developer needs to create a contract with a sole MsgSend to transfer all holdings to burn address. The multisig contract is then migrated via governance to that code id. It eliminates the need for validators to install any code, minimizing legal implications.

Read More: Terra Luna Classic Votes On 800 Million Burn Proposal For LUNC & USTC Rally

Advertisement
Advertisement

Why 800 Mln Burn News Is Crucial for LUNC and USTC?

The Terra Luna Classic community burning massive amounts of tokens to reduce the supply and revive the Terra ecosystem tokens. While several community-led efforts to revive LUNC and repeg USTC are still under progress, 800 million USTC burn could help trigger enough push. LUNC and USTC will recover again, similar to the recent 300% and 400% rally in the last few weeks.

LUNC/USD price chart

LUNC price has jumped 2.8% in the past 24 hours, with the price currently trading at $0.0001768. The 24-hour low and high are $0.0001644 and $0.0001814, respectively. However, trading volume has decreased in the last 24 hours.

Meanwhile, USTC price trades at $0.03974, down 1.36% in the last 24 hours. The 24-hour low and high are $0.03724 and $0.04146, respectively. Trading volume has decreased by 14% to $63,585,226 and market capitalization to $356,823,638 in the last 24 hours, indicating a dip in interest among traders.

Also Read:

Advertisement
Varinder Singh
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.