Terra Luna Classic Community Rejects USTC Repeg Team Proposal

The Terra Luna Classic community has rejected the community pool spend proposal to fund the USTC Quant team for the second month. The proposal has failed to receive minimum votes and received “No with veto” votes from the community members instead.

According to the latest voting details, Proposal 11716 “USTC / Stable Algo Quant Team – Month 2/2” has received 23% “Yes” votes. However, the proposal gets 50% “Abstain,” 25% “No with veto” and 2% “No” votes. Thus, the majority of the Terra Luna Classic community voted to reject the spending proposal.

Interestingly, 20 out of 38 validators including Lunanauts, PFC, StakeBin, LUNC DAO, and Coinpayu voted “Yes” and others such as Happy Catty Crypto, SolidVote, Vegas Node, and JESUSisLORD rejected the proposal. The proposal didn’t get support from the Terra Luna Classic community.

The Quant Team seeks 285 million LUNC ($20,000) funding for August. The team will enhance a tool for the USTC Incremental Repeg Buybacks & Staking Swaps algorithm.

The USTC repeg team also plans to identify sources of “zombie USTC” for burn without any additional funding. Currently, the team is working to prepare for 800 million USTC related to the Ozone protocol.

Read More: Terra Luna Classic’s (LUNC) Vision For Revival And Better Governance

LUNC Burn Rate Jumps

LUNC price is continuously falling since it failed to hold above the $0.00009 level. However, the recent decline in prices has boosted the LUNC burn rate. The Terra Luna Classic burn rate significantly increased from August 15, as per data by StakeBin.

LUNC price is currently trading at $0.000064, down 2% in the last 24 hours. The 24-hour low and high are $0.0000620 and $0.0000654, respectively.

Meanwhile, USTC price also fell 3% in the past 24 hours, with the price currently trading at $0.012. However, the trading volume has increased in the past 24 hours.

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