LUNC News: A former Joint L1 Task Force (L1TF) developer, along with other developers and Terra Luna Classic validators, has started working on 800 million USTC burn to reduce the circulating supply of stablecoin by burning balance in a contract. According to the latest details, a proposal for contract migration will be submitted for voting.
The Terra Luna Classic developer Fragwuerdig on February 13 revealed that a testnet rehearsal is ongoing in response to to community’s plan to 800 million USTC burn. The move comes after the community decided to burn instead as no fund recovery via the wallet owners is possible and blacklisting serves no purpose anymore.
“I am going to need your “testnet-yes” on proposal 45. We are migrating a contract via governance to burn it’s contract balance,” he said.
Notably, the testnet contact wallet on rebel-2 does not have 800 million USTC, but 10 million USTC due not limited supply on testnet. However, the community can burn USTC through execution and migration endpoint to execute a handler that burns the contracts with USTC balance.
The code will be used to migrate 800 million from multisig contract or wallet of Risk Harbor to a new code version via a contract migration proposal. The community needs to approve the migration proposal for blacklisting and burning of 800 million USTC balance. This metholodolgy will not alter the state of the blockchain, claims Fragwuerdig.
Also Read: Terra Classic Community Votes on Two Major KYC Proposals, LUNC to $0.0002?
LUNC price pares earlier gains after the US CPI release, with the price currently trading at $0.000113. The 24-hour low and high are $0.000111 and $0.000118, respectively. Furthermore, trading volume has decreased by 20% in the past 24 hours.
USTC price jumped in response to the 800 million USTC burn, with the price trading at $0.02636. The 24-hour low and high are $0.02576 and $0.02727, respectively. Trading volume has slightly increased as compared to the last day, indicating interest among traders.
Also Read: Massive Bitcoin ETF Inflows As Supply Dynamics Pushing BTC Price Towards $55K
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