Proposed 800m USTC Burn: Will LUNC Price Soar to New Heights?

Bombolo | News and Media

The Terra Luna Classic community has unanimously approved a significant proposal involving the direct burning of a substantial 800 million USTC tokens. Amidst the evolving landscape of the crypto market, this decision has led to a notable surge in the value of LUNC, even amidst the broader challenges faced by the cryptocurrency sector.

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A Consensus-Driven Choice

A united front emerged from the Terra Luna Classic community, as they opted to burn an impressive 800 million USTC tokens associated with the Ozone protocol. This choice was made in favor of an alternative proposal that aimed to reintroduce the tokens into the community pool. The market's response was swift, witnessing a noteworthy recovery in the valuations of both LUNC and USTC tokens. This resurgence is particularly noteworthy following a recent market decline exceeding 10%.

Navigating Through Proposal Phases

Dubbed internally as Proposal 11710 and spearheaded by Vegas, the endorsed proposal gained momentum due to growing support from community members who shared a collective vision of reducing USTC circulation. This directive is aimed at implementing the burn by directly transferring the 800 million USTC tokens to the Terra Luna Classic burn address.

Interestingly, this wasn't the sole proposal that garnered attention. Two alternative proposals, numbered 11658 and 11660, were previously under consideration. The former sought to retrieve the 800 million USTC tokens from the Ozone Protocol reserve stash and reintegrate them into the Terra Luna Classic domain. The latter, as a countermeasure, advocated for the tokens to be burned rather than reintroduced to the community pool.

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Empowered Community Voices

A vocal and engaged community demonstrated an overwhelming endorsement of Proposal 11710, with an impressive 85% expressing their support. In contrast, a mere 7% opposed the proposal, while 8% remained neutral. Among the influential validators within the community, a substantial majority—including prominent names such as Allnodes, Interstellar Lounge, and StakeBinfavor—championed the burning initiative.

As of the latest update, a glance at the market reveals LUNC's current valuation at $0.00006545, with USTC hovering around $0.013. Both tokens had previously experienced moderate increases in their value, a trend that warrants close observation in the upcoming days.

Also Read: Terra Luna Classic Price Predictions for August, September, and October 2023