Claim BonusTerra Luna Classic Community Rejects Key Burn Proposal, LUNC And USTC Plunge
The Terra Luna Classic community rejected a proposal to burn 800 million TerraClassicUSD (USTC) as they look for better ways to burn these. The community believes there are easy ways to burn funds from the Risk Harbor (formerly Ozone Protocol) multisig wallet without an update and any legal consequences.
The Terra Luna Classic community was recently notified that Risk Harbor lost the keys and has agreed to blacklist the wallet.
Terra Luna Classic Seeks Alternative Ways
Proposal 11913 “RH MultiSig Wallet – Burn 800m via Update to Terrad Client” has been rejected by the Terra Luna Classic community. The proposal aimed to burn the 800 million USTC still in the Risk Harbor multisig wallet.
The proposal received only 15% “Yes” votes and 47% “Abstain” votes, indicating lack of support from the community. Moreover, 13 validators including StakeBin, LUNC Development Fund, LuncGoblins, and PFC voted in favor, while 17 validators voted against the proposal. It also received 3 “No with veto” and 11 “Abstain” votes and two validators voted against the proposal.
Meanwhile, Terra Luna Classic validator Lunanauts suggested a legally absolved route to burn 800 million USTC from the Terra Luna Classic treasury, held in the Risk Harbor Multisig Wallet through a contract. It eliminates the need for validators to install any code, minimizing legal implications.
Other proposals to burn 800 million USTC are also under discussion in the Commonwealth forum of the Terra Luna Classic community.
Also Read: Athur Hayes Predicts Bonk Flipping Shiba Inu; Shibarium Burns Another 8 Bln SHIB
LUNC and USTC Prices Tumble
LUNC price fell 13% in the past 24 hours, with the price currently trading at $0.000144. The 24-hour low and high are $0.000142 and $0.000168, respectively. However, trading volume has increased 20% in the last 24 hours.
Meanwhile, USTC price trades at $0.032, down 13% in the last 24 hours. The 24-hour low and high are $0.0314 and $0.0374, respectively. Trading volume has increased by 14% in the last 24 hours, indicating a dip in interest among traders.
Also Read: Bitcoin’s Weekly Outflows Hit $33 Mln Amid Crypto Market Selloff
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.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: XRP Spot Trading Goes Live on Hyperliquid via Flare’s FXRP
- Bitcoin Falls Despite U.S. JOLTS Job Openings Missing Expectations
- JPMorgan To Expand JPM Coin to Canton Network After Launch on Coinbase’s Base
- Stablecoins Gain Infrastructure Boost as Morph Backs Startups with $150M
- YouTube Rival Rumble Partners With Tether to Launch Crypto Wallet; RUM Stock Rises
- Meme Coin Price Prediction For Jan 2026: Dogecoin, Shiba Inu And Pepe Coin
- Pi Coin Price Eyes Rebound to $0.25 as Top Whale Nears 400M Milestone
- Ethereum Price Prediction Ahead of US data Report
- Bitcoin Price Prediction as FOMC Nears: Will 90% No-Cut Probability Pressure BTC?
- Dogecoin Price Outlook as Futures Open Interest Nears $2B: What Next for DOGE?
- Chainlink Price Set to Rally to $20 After SEC Approves Bitwise Spot ETF: Here’s Why
