NewsletterLUNC News: Terra Luna Classic To Burn All USTC In Community Pool, Price Jumps
A proposal to burn all 8 million TerraClassicUSD (USTC) in the community pool is recommended by popular Terra Luna Classic community member and validator VegasMorph. The move comes amid the renewed narrative to burn 800 million USTC from Risk Harbor Multisig Wallet, which was also initially suggested by VegasMorph. Will this bring a recovery in prices as the community looks to burn all idle tokens in wallets?
USTC Burn From Terra Luna Classic Community Pool
VegasMorph took to X to reach out to the wider Terra Luna Classic community about a proposal to burn USTC in the community pool. The proposal aims to burn nearly 8 million USTC through a spend proposal to burn address. Currently, the community pool has 7.95 million USTC, as per StakeBin data.
The rationale behind this proposal is to consider burning all USTC in the community pool as they are not currently required for community initiatives. The community pool has a substantial amount of 3.3 billion LUNC. This is enough to cover the on-chain activities and manage other costs.
“By taking the initiative to burn this amount of USTC, we demonstrate our commitment to self-sufficiency and the responsible management of community resources. This action not only aligns with our community’s vision for deflation but also sends a powerful message that we are proactive in shaping the future of Terra classic,” said VegasMorph.
Also Read: Senator Elizabeth Warren Lashes Out At Crypto Firms For Building Lobbying Army
Community Also Eyes Burning 800 Million USTC
Meanwhile, the community has rejected a proposal to burn 800 million USTC as they seek other ways to burn these stablecoins. The Terra Luna Classic community was recently notified that Risk Harbor lost the keys and has agreed to blacklist the wallet.
LUNC price jumps 1% in the past 24 hours, with the price currently trading at $0.000155. The 24-hour low and high are $0.000150 and $0.000173, respectively. However, trading volume has increased 141% in the last 24 hours.
Meanwhile, USTC price trades at $0.0356, up 5% in the last 24 hours after a 15% dip last week. The 24-hour low and high are $0.0335 and $0.0366, respectively.
Also Read: Central Bank of Ireland Registers Ripple As Crypto Service Provider
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