- Terra Luna Classic community has unanimously approved the proposal to burn 800 million USTC tied to the Ozone protocol.
- This decision triggers a positive market response as LUNC and USTC witness price upticks after a steep dip.
Terra Luna Classic’s Assertive Stance on USTC
In a decisive turn of events, the Terra Luna Classic community has ardently backed the proposal to incinerate a staggering 800 million USTC tokens connected to the Ozone protocol. Demonstrating clear preference, the community chose to burn the USTC tokens rather than channeling them back to the communal pool. Consequently, this bold move has manifested in the LUNC and USTC tokens retracing their steps, regaining lost ground after suffering a 10% dip in a wider cryptocurrency market downturn.
Unpacking the Burning Proposal
Proposal 11710, christened “Directly burn the 800 million USTC” and brought forth by Vegas, has received an overwhelming nod from the Terra Luna Classic fraternity. A burgeoning consensus amongst community members birthed this new proposal to incinerate the tokens in question.
For those navigating the labyrinth of blockchain mechanics, burning essentially means eliminating a portion of tokens permanently, often to reduce overall supply and potentially boost the value of the remaining tokens. In this scenario, it’s been proposed that the stewards of the Ozone reserve wallet activate the burn process for these 800 million USTC tokens. This would be executed by moving these funds directly to the designated Terra Luna Classic burn address.
Further context reveals two preceding proposals that influenced this resolution. Proposal 11658 aimed at repatriating the 800 million USTC from the Ozone Protocol’s reserve wallet back into Terra Luna Classic’s community coffers. In contrast, Proposal 11660 posited an opposing view, suggesting the tokens be burned instead of returning them to the community pool. Given both these proposals gained traction, a subsequent proposal was essential to directly burn these tokens. Winning the community’s confidence, Proposal 11710 garnered a commendable 85% affirmative votes. Of the 40 validators deliberating, a dominant 35, including prominent names like Allnodes and StakeBinfavor, supported the USTC burn initiative.
Market Revival: LUNC & USTC’s Rally
As the curtains fell on this burning spectacle, the broader market felt its ripple effect. LUNC and USTC, having weathered a stormy sell-off, are on the mend. The critical decision to burn 800 million USTC seems to be a catalyst in LUNC’s regeneration. Current metrics showcase LUNC’s price perking up by 1% in the last day, oscillating between $0.0000662 and $0.0000681. Concurrently, USTC’s trajectory is also optimistic, marking a near 5% rise within 24 hours, with prices ranging from $0.0126 to $0.0137.
