MEXCTerra Luna Classic (LUNC) Proposal For USTC Burn By Binance Officially Passed
The Terra Luna Classic community has passed a major proposal to ask crypto exchange Binance to burn USTC alongside LUNC in its burn mechanism. The community believes Binance burning USTC will help speed up the USTC repeg efforts by the Quant team and will also raise the value of LUNC. Will Binance help the Terra Luna Classic community repeg USTC to $1 amid issues such as Binance vs U.S. SEC lawsuit?
Terra Luna Classic Community Proposes USTC Burn By Binance
Proposal 11785 “Asking Binance to Start Burning USTC” is officially passed by the Terra Luna Classic community. Validators’ voting turnout still remains low despite various efforts by developers and key community members.
The proposal has received 42.85% “Yes” votes, indicating support from the Terra Luna Classic community. It has also received 9.62% “No” and 0.14% “No with veto” votes. Abstain votes are 47.39% as top validator Allnodes decided to abstain from voting.
19 validators such as HappyCattyCrypto, 1maxfee, JESUSisLORD, StakeBin, and Lunanauts have favored the proposal. Whereas, 4 validators including TMOM opposed the proposal.
The community aims to ask Binance to start burning USTC monthly. Binance currently burns 50% LUNC in a monthly burn mechanism and the community seeks to start burning USTC monthly with the remaining 50%.
If Binance agrees to burn USTC, it will help the Terra Luna Classic community repeg USTC to $1. Binance is the largest LUNC burner and contributed nearly 38 billion LUNC.
Read More: Terra Luna Classic (LUNC) Community Criticizes Core Developer L1TF Q4 Plans
LUNC and USTC Continue Falling
The recent selloffs in the broader crypto market resulted in LUNC and USTC prices remaining under pressure. Terra Luna Classic ecosystem tokens tumbled significantly last month, with LUNC and USTC falling significantly. While the buy-the-dip remains high among investors, it has failed to bring any upside momentum yet.
LUNC price fell 2% in the last 24 hours, with the price currently trading at $0.000056. The 24-hour low and high are $0.0000568 and $0.0000580, respectively.
Meanwhile, USTC price also tumbled 1% in the past 24 hours, with the price currently trading at $0.012. Moreover, trading volume has also decreased by 22% in the past 24 hours.
Also Read:
- CoinEx Resumes Withdrawals For Bitcoin, ETH, DOGE, SHIB And Other Crypto
- US FOMC Set To Announce Rate Hike “Pause”, Bitcoin To Rally
- US DOJ Asks Judge To Extend Sam Bankman-Fried Trial
- Breaking: Grayscale Joins Bitwise, Launches Solana ETF Covering Spot and Staking Features
- FOMC Meeting Today: Where to Watch and Key Expectations for Crypto Market
- Changpeng ‘CZ’ Zhao Confirms Defamation Lawsuit Plans Against Sen Elizabeth Warren
- Pi Coin Gains Another 15% As Pi Network Joins ISO 20022 For Seamless Banking Integration
- Bitwise Solana Staking ETF (BSOL) Records $69.5M Inflows on Debut, But SOL Slips
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
- HBAR Price Poised to Hit $0.30 as Canary Capital ETF Starts Trading.
- Will Solana Price Rally to $300 as Bitwise Launches $BSOL ETF?
- XRP Price Chart Patterns Hint at 2017-Style Breakout as Evernorth Acquires $1B XRP Ahead of Nasdaq Debut
- Cardano Price Eyes 80% Rally as x402 Upgrade Sparks Hope for AI Payment Expansion
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.
