Terra Luna Classic Community Officially Rejects Major 800 Mln USTC Burn Proposal
Terra Luna Classic community has turned down another proposal targeting 800 million USTC burn, with a lack of consensus between community members, including validators. However, top validators haven’t voted yet on the proposal or voted “Abstain” to let other validators decide as there are not enough details regarding the resultant impact.
Terra Luna Classic Proposal For 800 Million USTC Burn
Proposal 11927 “Burn of 800m USTC Funds” is near rejection by the Terra Luna Classic community. The proposal aims to burn the 800 million USTC still in the Risk Harbor multisig wallet via a contract, a legally ‘legally absolved route’.
As the Terra Luna Classic community was notified that Risk Harbor lost the keys and has agreed to blacklist the wallet, 800 million burn is crucial for the community. Thus, the community plans to burn instead as no fund recovery via the wallet owners is possible and blacklisting serves no purpose anymore.
The core developer L1TF 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.
The proposal has received only 18% “Yes” votes until now, with 10% “No” and 10% “No with veto” votes. Most members and validators voted “Abstain” —62%. Notably, top validators such as Orion, Interstake One, and Stakely haven’t participated in governance voting.
Among 54 Terra Luna Classic validators who participated, 24 voted “Yes” and 22 voted “Abstain”, with 8 validators against the proposal.
Also Read: Bitcoin Price Risks Falling To $40,000 If It Breaks Below This Level
LUNC and USTC Under Pressure
LUNC price fell 3% in the past 24 hours, with the price currently trading at $0.000155. The 24-hour low and high are $0.000150 and $0.000161, respectively. Moreover, trading volume has decreased by 3% in the last 24 hours.
Meanwhile, USTC price trades at $0.0349, down 1% in the last 24 hours. The price mostly moved sideways in a week. The 24-hour low and high are $0.0345 and $0.0362, respectively.
Also Read: Crypto Market Selloff—Why Bitcoin, ETH, SOL, XRP And Other Crypto Fell Suddenly
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- 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
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- 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
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.
