Terra Luna Classic Proposals To Burn 800 Million Tokens Officially Passed, USTC & LUNC To $1?

Terra Luna Classic proposals 11658 and 11660 to return and burn 800 million USTC have officially passed by the community. The community favors sending these USTC tokens to the burn address rather than returning them to the community pool. However, the LUNC community must wait for a few more days as another proposal to split it into 80% burn and 20% community is also under voting.

Terra Luna Classic Community Favors To Burn 800 Million USTC

Proposal 11658 “Return of Community funds not used” by ex-Terra Rebels developer group member Vegas has passed with 70.27% “Yes” votes. He recommended returning 800 million USTC on-chain funds to the Terra Luna Classic community pool as the Ozone Protocol project is not actively following the proposed development plan.

However, the counter Proposal 11660 “Burn 100% of Funds Should Prop: 11658 Pass” receives 82.55% “Yes” votes. It claims that a large portion of the community is requesting to burn 800 million tokens. Thus, even if Proposal 11658 passes, the counter-proposal will prevail as it has received more votes.

The community needs to wait for another similar proposal that suggests burning 80% and sending 20% to the community pool for developers. Notably, the proposal hasn’t received many votes in favor as only 46% agreed with it.

The preparations for returning funds have already started as developers started contacting and approving a transfer of 800 million USTC tokens. Amid the USTC repeg efforts, a revival of LUNC only after the USTC repeg narrative is picking up pace. Prominent members believe LUNC has a better roadmap for revival, with market cap and utility continuously growing.

Read More: Terra Founder Do Kwon Sells More LFG-Linked Bitcoin As SEC Lawsuit Moves Ahead

LUNC and USTC Need Upside Momentum

According to CoinGape Markets, Terra Luna Classic can recover above the $0.00009 support level. However, the weakness in the broader crypto market caused LUNC and USTC to fail to build upside momentum.

LUNC price fell 0.5% in the past 24 hours, with the price currently trading at $0.000077. The 24-hour low and high are $0.0000776 and $0.0000794, respectively.

Meanwhile, USTC price trades at $0.0158, up nearly 5% in the past 24 hours and 31% in a month. The trading volume has increased by 25% in the 24hrs.

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