Claim BonusLUNC 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
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
- China Tightens Stablecoin Rules as Bessent Urges Congress to Pass CLARITY Act to Keep Crypto Lead
- Bitget Launches ‘Fan Club’ Initiative In Bid To Strengthen Community Amid Crypto Crash
- BlackRock Signals More Selling as $291M in BTC, ETH Hit Coinbase Amid $2.5B Crypto Options Expiry
- Is Pi Coin Set for Kraken Listing? U.S. Exchange Adds Pi Network to 2026 Roadmap
- Top 5 Reasons Why BTC Price Is Crashing Non-Stop Right Now
- Ethereum Price Outlook as Vitalik Buterin Sells $14 Million Worth of ETH: What’s Next for Ether?
- Solana Price at Risk of Crashing Below $50 as Crypto Fear and Greed Index Plunges to 5
- Pi Network Price Prediction Ahead of PI KYC Validator Reward System Launch
- XRP Price Outlook As Peter Brandt Predicts BTC Price Might Crash to $42k
- Will Cardano Price Rise After CME ADA Futures Launch on Feb 9?
- Dogecoin, Shiba Inu, and Pepe Coin Price Prediction as Bitcoin Crashes Below $70K.
