Terra Luna Classic To Burn 800 Million Tokens, LUNC And USTC To $1?

Terra Luna Classic community’s prominent member Vegas proposes the return of 800 million USTC tokens from a wallet linked to Ozone Protocol to the Terra Luna Classic community pool. However, some prominent members such as Alex Forshaw believes these tokens should be sent to burn address rather than returned to the community pool.

Terra Luna Classic 800 Million USTC On Ozone Protocol Chain

Ex-Terra Rebels developer group member Vegas submitted a governance proposal to the Commonwealth forum for discussion. He asserts 800 million USTC on-chain funds to be returned to the Terra Luna Classic community pool as the Ozone Protocol project is not actively following the proposed development plan.

“To facilitate this, we ask the community fund to support us and underwrite Ozone indefinitely, unless a counter-proposal is passed to remove the said underwriting funds.”

According to the proposal, the Ozone protocol was initially proposed by Terra co-founder Do Kwon and bootstrapped using funds from the community pool. The Ozone V1 and Ozone V2 saw high demand for their underwriting capacity. However, the Risk Harbor team has not utilized 1 billion UST (now USTC) fully as intended. Thus, the funds should return to the community pool.

Alex Forshaw, former Terra Rebels and Terra Classic Revival Roadmap co-author, said it’s best to burn idle USTC than sending to the community pool. He argues validators and stakers will take it and dump it, which USTC team’s work. However, burning these USTC will strengthen the repeg narrative, or else the community can burn part of it and send some to the community pool.

My core mission is to uphold what is right and just. Central to this mission is the restoration of funds to their original source. By achieving this,we will get even more, wewill be able to fund the development of the Chain and take out of circulation approximately 10% of the…

— Vegas (@VegasMorph) July 26, 2023

Read More: Terra Luna Classic Proposal To Improve Governance And Decentralization

LUNC and USTC Price to $1?

The Terra Luna Classic community is committed to maintaining the $1 narrative. The USTC repeg and LUNC developments are slowly picking pace as developers revealed plans to bring significant changes to the chain.

LUNC price fell 2% in the past 24 hours, with the price currently trading at $0.000081. The 24-hour low and high are $0.0000807 and $0.0000834, respectively.

Meanwhile, USTC price trades at $0.01613, up over 1% in the past 24 hours and 30% in a month. The trading volume has increased by 50% in the 24hrs.

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