The Terra Luna Classic community has officially passed the proposal related to burning 800 million USTC. The proposal by popular LUNC community member Vegas proposed to blacklist Ozone Protocol wallet containing 800 million USTC, freezing the tokens rather than destroying them without authorization. Traders reacted immediately to the proposal’s passing, increasing prices.
Terra Luna Classic Community Passes 800 Million USTC Burn Proposal
Proposal 11832 “Proposal to blacklist wallet TERRA1QYW695VAXJ7JL6S4U564C6XKFE59KERCG0H88W” has surpassed the “pass threshold” after top validator Allnodes voted “Yes” to the proposal.
The proposal received 54.07% “Yes” votes, while 30.51% decided to vote “No.” It also received 13.39% No with veto and 2.03% Abstain votes. The community is unclear on whether freezing the wallet is the right thing as this may significantly delay the burn.
Among 52 validators that participated in the voting, 21 favored the proposal and 21 voted No and No with veto. It is a major proposal and that’s why some popular validator such as Hexxagon, LuncLive, LuncGoblins, and Solidvote chooses to vote “Abstain.”
“Directly changing the blockchain state and destroying funds goes against blockchain ethos. Blacklisting allows for a reversible action, enabling fund recovery through governance if valid reasons are provided by the wallet owners.”
The community earlier passed proposals to approve 800 million USTC burn, but the idea to use diplomacy to persuade the wallet owners to transfer to the community pool or burn the funds directly has failed. The L1 development team will promptly implement the blacklisting process now.
Read More: Terraform Labs Reveal Who Was Behind the UST Depeg and $40 Billion Collapse
LUNC Price Rises
LUNC and USTC prices are recovering from the recent selloff in the broader crypto market. The 800 million USTC burn is significant for the USTC repeg and revival of LUNC.
LUNC price jumped 1% in the past 24 hours, with the price currently trading at $0.000056. The 24-hour low and high are $0.0000556 and $0.0000574, respectively. However, the price is still trading below the support level.
Meanwhile, USTC price trades at $0.011, moving sideways in the past 24 hours. The 24-hour low and high are $0.0109 and $0.0111, respectively.
Also Read:
- SBF Lawyers Seek To Probe All Witnesses After Caroline Ellison’s Testimony
- G20 Adopts Global Roadmap to Regulate Crypto Assets
- China Explores CBDC Traits To Enhance Monetary Policy
- Senate Banking Committee Releases Updated Draft Crypto Market Structure Bill
- Michael Saylor’s Strategy Fails To Make S&P 500 Listing, MSTR Stock Drops
- Solana Treasury Company SOL Strategies Gets Approval To List On Nasdaq
- Fidelity, Grayscale, VanEck Dump Ethereum Amid ETH Price Crash
- Ethereum Treasury Firm SharpLink Confirms Compliance Amid Nasdaq Oversight
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
- ETH Price Forecast as Grayscale’s Covered Call Ethereum ETF Spurs Optimism — Is $8,500 in Sight?
- Bitcoin Price Prediction as SEC Unveils Agenda for Crypto Regulation — Is $200K Next?
- ONDO Price Prediction Amid Bitget Collaboration on Tokenized Stocks and ETFs: Is $2 Next?