HomeNewsTerra Luna Classic Community Gears Up to Burn 800 Million USTC Tokens...

Terra Luna Classic Community Gears Up to Burn 800 Million USTC Tokens – Price Surge Ensues

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  • Terra Luna Classic community greenlights a contentious proposal to blacklist a wallet containing 800 million USTC.
  • Following the announcement, LUNC sees an uptick in its price, indicating traders’ optimistic sentiment.

Deciphering the 800M USTC Blacklisting Decision

In a bold move, the Terra Luna Classic community has given its nod to a contentious proposal concerning the blacklisting of a wallet holding 800 million USTC. What makes this decision intriguing is the proposal’s origin: it comes from a well-known LUNC community member, Vegas, who advocated for freezing these tokens in the Ozone Protocol wallet rather than outrightly destroying them without proper consent. As could be expected, the market did not stay silent, with traders driving up prices in response.

Behind the Votes: Community’s Stance

The intricacies of Proposal 11832, termed

“Proposal to blacklist wallet TERRA1QYW695VAXJ7JL6S4U564C6XKFE59KERCG0H88W,”

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are worth delving into. The proposal sailed through after securing a


from leading validator Allnodes. The numbers tell an interesting tale: 54.07% sided with a


while 30.51% leaned towards a


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Additionally, 13.39% were in the

“No with veto”

camp, and 2.03% chose to abstain.

With 52 validators weighing in on the decision, the results were evenly split: 21 in favor and 21 against, with prominent validators such as Hexxagon, LuncLive, LuncGoblins, and Solidvote opting for neutrality with an “Abstain” vote.

The community’s rationale hinges on the principles that underpin blockchain technology. They argue that a direct intervention that alters blockchain status and annihilates funds is a breach of these principles. On the contrary, blacklisting ensures a flexible approach, allowing for potential fund recovery if the wallet owners present justifiable reasons.

Interestingly, previous attempts to approve the 800 million USTC burn had been sanctioned, but diplomatic endeavors to coax wallet owners to either transfer to the community pool or directly incinerate the funds met with little success. With the green light now on, the L1 team is set to commence the blacklisting protocol.

Market’s Reaction: LUNC’s Price Dynamics

While the broader cryptocurrency domain faces a selloff, LUNC and USTC are charting their recovery. The significance of the 800 million USTC burn is evident as it is pivotal for USTC’s repeg and LUNC’s resurgence. LUNC has witnessed a 1% surge within the past 24 hours, although it’s still meandering below the primary support level. USTC, on the other hand, is relatively stable, showcasing minor fluctuations in its trading value.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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