NewsletterTerra Luna Classic Votes On 800 Million Burn Proposal, LUNC & USTC Prices Recovers 8%
The Terra Luna Classic community votes on another proposal related to burning 800 million TerraClassicUSD (USTC). The proposal aims to burn funds from the Risk Harbor (formerly Ozone Protocol) multisig wallet through an update to Terrad client. It is similar to previous proposals on burning 800 million in the wallet, which was later blacklisted via a governance voting.
Terra Luna Classic Community Eyes 800 Million USTC Burn
Proposal 11913 “RH MultiSig Wallet – Burn 800m via Update to Terrad Client” is up for governance voting on the Station wallet. The new proposal aims to burn the 800 million USTC still in the Risk Harbor multisig wallet. The proposal deadline is December 19.
The community passed proposal 11832 to blacklist the wallet citing that “blacklisting allows for a reversible action, enabling fund recovery through governance if valid reasons are provided by the wallet owners.” However, the new proposal argues that no fund recovery via the wallet owners is possible and blacklisting serves no purpose anymore.
“Risk Harbor has suddenly ‘lost’ the keys and on top of that they also have for some reason blocked every LUNC community member on social media and stopped any communication thereof.”
The initial voting indicates that the community members and validators are voting equally for “Yes” and “No with veto”. Moreover, 6 validators including StakeBin, LuncGoblins, LUNC Development Fund voted in favor and two validators voted against the proposal.
If the proposal is passed, Terra Luna Classic core developer L1TF will execute the deletion of 800 million USTC via a bank module keeper and pushing an update of the terrad client to validators.
Also Read: XRP Lawyer John Deaton Lashes Out At Sen Elizabeth Warren & SEC Chair Gary Gensler
LUNC price jumped 8% in the past 24 hours, with the price currently trading at $0.000180. The 24-hour low and high are $0.000164 and $0.000182, respectively. However, trading volume has decreased in the last 24 hours.
Meanwhile, USTC price trades at $0.0411, up over 8% in the last 24 hours. The 24-hour low and high are $0.0372 and $0.0414, respectively. Trading volume has increased by 26% in the last 24 hours, indicating a rise in interest among traders.
Also Read: US CPI Cools To 3.1%, Will BTC, ETH, & Other Crypto Prices Regain Momentum?
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