LUNC News: Terra Luna Classic Community Rejects 8 Million USTC Burn Proposal
LUNC News: Terra Luna Classic community has now rejected three USTC burn proposals, as the latest proposal to burn all USTC in the community pool failed to convince the community that it’s a prudent course of action. Terra Luna Classic Community Deters 8 Million USTC Burn Proposal.
The move comes amid a narrative to burn 800 million USTC from Risk Harbor Multisig Wallet, which sits idle as the project lost the keys and has agreed to blacklist the wallet. The community seems to be looking at developments after the community approves the new developer group Genuine Labs to work on the chain.
Terra Luna Classic Community Rejects 8 Mln USTC Burn Proposal
Proposal 11958 “Burn 8 million USTC directly from CP” was officially rejected by the Terra Luna Classic community. The proposal aimed to burn all USTC in the community pool through a spend proposal to burn address.
Currently, the community pool has 8.11 million USTC and 3.61 billion LUNC, as per StakeBin data.
The proposal especially saw denial by validators as a number of top validators voted “No” during the governance proposal. It includes Interstellar Lounge, JesusisLord, Lunanauts, SoliVote, and others. The community believes the funds must be used for development purposes of the Terra Luna Classic chain and provide liquidity support in projects.
CoinGape earlier reported that the motive behind the proposal is to burn all USTC in the community pool as they are not currently required for community initiatives. The community pool has a substantial amount of 3.61 billion LUNC. This is enough to cover the on-chain activities and manage other costs.
“By taking the initiative to burn this amount of USTC, we demonstrate our commitment to self-sufficiency and the responsible management of community resources. This action not only aligns with our community’s vision for deflation but also sends a powerful message that we are proactive in shaping the future of Terra Classic,” said VegasMorph.
Also Read: Ark Invest Sells $25M Coinbase Shares To Buy Elon Musk’s Tesla (TSLA), Cathie Wood Still Bearish
Massive Correction Amid Market-Wide Selloff
LUNC price tumbled 22% amid the massive market-wide liquidations this week. The price is currently trading at $0.000129, with a 24-hour low of $0.000116. However, trading volume has increased by 50% in the last 24 hours, indicating interest among traders.
Meanwhile, USTC price trades at $0.0284, up over 2% in the last 24 hours after a drop of over 20% in a week. The 24-hour low and high are $0.0257 and $0.0349, respectively.
Also Read: US SEC Argues Terra Ruling Relevant In Binance, Binance.US, CZ Lawsuit
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- BitMine’s Tom Lee Calls Dip Golden Opportunity as Trump Sets Meeting With China on U.S. Tariffs
- Pi Network Set for Massive Growth as App Studio Upgrade Expands Pi Coin Utility
- US Shutdown Beyond 40 Days To Delay Crypto ETF Approval, But Demand Spikes
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
- 3 Altcoins Defying the Market Momentum In October 2025
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.
