LUNC News: Terra Classic 800 Million USTC Burn Proposal Officially Passed

Highlights

Terra Luna Classic community passes 800 million USTC burn proposal
Top validator Allnodes voted "Abstain", but the votes turnout in favor of proposal
USTC price moving sideways after rallying 25%

LUNC News: Terra Luna Classic proposal to burn 800 million USTC is passed by the community, enabling the community to proceed with the burn after much debate. USTC price skyrocketed 25% to $0.040 after the proposal was passed by the community, with the price now trading at $0.037.

Terra Classic Community Passes 800 Million Burn Proposal

Proposal 12073 “Burn 800M USTC through Contract Migration” has successfully surpassed the “pass threshold”, finally approving to burn 800 million USTC worth nearly $32 million from the Risk Harbor (formerly Ozone Protocol) multisig wallet.

The proposal saw major voter turnout as the Terra Classic community deems the proposal suggests the best way to blacklist, as per proposal 11832, and burn 800 million USTC in Risk Harbor wallet, as per proposals 11660 and 11710. The proposal received 41% “Yes” votes, 33% “Abstain” votes, along with 18% “No” and 8% “No with veto” votes.

Among 58 validators who participated in the voting, 42 voted in favor of the proposal. 11 voted “Abstain”, 1% “No” and 4% “No with veto”. Top validator Allnodes voted “Abstain”, which cleared the community to move ahead with 800 million LUNC burn.

As CoinGape reported earlier, 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 migration handler will automatically take care of the tax to execute the burn transaction. This methodology will not alter the state of the blockchain, claimed former Joint L1 Task Force (L1TF) developer Fragwuerdig.

Also Read: Bitcoin Price Jump To $52,200 Risks $1 Bln Short Liquidations, What’s Next?

USTC Price Rallied 25%

USTC price is trading sideways after a 25% upside move. The price is currently trading at $0.0370 after paring some gains. The recent rally renewed confidence in regaining December’s $0.060 level.

LUNC price jumped 6% in the past 24 hours, with the price changing hands at $0.000133. The 24-hour low and high are $0.000123 and $0.000134, respectively. Moreover, Terra Classic trading volume has decreased in the last 24 hours.

As per CoinGape Markets, holding above the green support band is crucial for LUNC as it allows bulls to take control. The resistance at $0.00014 is key for further upside in LUNC towards $0.0002.

Also Read: Shib Army Petition for Shiba Inu ETF by Grayscale, What Are the Odds?

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

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.