Highlights
- Terra Luna Classic community proposes burning 46.55 million USTC through contract migration.
- The proposal aims to remove inactive contracts, securing Terra Classic community assets.
- LUNC price jumped 3%, while the USTC price surged 2% following the burn proposal.
LUNC News: The Terra Luna Classic community has recently initiated a USTC burn proposal, which has gained notable traction from the market participants. This initiative follows TerraForm Labs’ recent move to wind down its operations and burn remaining assets, which has noted significant attention from the community members.
Meanwhile, this latest proposal seeks to safeguard the Terra Classic community by removing inactive contracts and burning USTC holdings.
LUNC News: Terra Luna Classic Community Votes On USTC Burn Proposal
The latest USTC burn proposal has gained traction from the Terra Luna Classic community. According to the proposal, it aims to burn a total of 46.55 million USTC through a contract migration, with a specific focus on wallets linked to the Mirror Protocol.
Notably, this move follows a previous attempt to execute a burn proposal that failed due to insufficient contract balances. Now, the community is revisiting the matter, with renewed urgency. TerraForm Labs CEO Chris Amani mentioned in a community wind-down meeting that TFL intends to burn all Terra Classic assets.
Meanwhile, this approach is driven by a need to ensure security and compliance with ongoing legal requirements. According to Amani, the wallets in question will be destroyed rather than leaving keys vulnerable to future access. “Burning would be the best option,” he emphasized.
In additio, the proposal indicates that with a substantial amount of USTC and LUNC linked to these contracts, the community must act swiftly to secure the assets through migration and burn the funds. Besides, it highlights the importance of this action as part of the larger effort to prevent further complications following TFL’s exit from the Terra ecosystem.
LUNC And USTC Prices Soar
Following the announcement, LUNC price was up nearly 3% to $0.00008976, with its trading volume jumping 17% to $26 million. The crypto has touched a high of $0.00009136 in the last 24 hours. Further, LUNC Futures Open Interest rose 1%, indicating a positive sentiment in the market towards the crypto.
On the other hand, USTC price rose over 2% to $0.01847, while its trading volume dropped 4% to $7.01 million. It has touched a one-day high and low of $0.01884 and $0.01753, respectively.
Meanwhile, the latest LUNC burn by Binance has also fueled speculations over a potential rally in the Terra Luna Classic’s ecosystem token. In addition, the community has also passed a major proposal recently which focuses on enhancing the governance and stability of the ecosystem.
CoinGape