LUNC News: Terra Luna Classic Community Proposes USTC Burn

The Terra Luna Classic community has recently put forward a proposal to burn USTC tokens, gaining significant traction among market participants. This initiative follows TerraForm Labs’ recent decision to wind down operations and burn remaining assets, which has drawn considerable attention from community members.

The proposal aims to safeguard the Terra Classic ecosystem by removing inactive contracts and burning USTC holdings. Specifically, it targets the burning of 46.55 million USTC through a contract migration, focusing on wallets associated with the Mirror Protocol.

This move comes after a previous burn proposal failed due to insufficient contract balances. The community is now revisiting the matter with renewed urgency. TerraForm Labs CEO Chris Amani stated during a community wind-down meeting that TFL intends to burn all Terra Classic assets.

Amani emphasized that burning would be the best option, as it ensures security and compliance with ongoing legal requirements. The proposal highlights the importance of swift action to secure assets through migration and burn funds, preventing further complications following TFL’s exit from the Terra ecosystem.

Following the announcement, LUNC price increased by nearly 3% to $0.00008976, with trading volume jumping 17% to $26 million. The crypto touched a high of $0.00009136 in the last 24 hours. LUNC Futures Open Interest also rose by 1%, indicating positive market sentiment.

Meanwhile, USTC price increased by over 2% to $0.01847, while its trading volume decreased by 4% to $7.01 million. The token reached a one-day high of $0.01884 and a low of $0.01753.

The recent LUNC burn by Binance has also fueled speculation about a potential rally in the Terra Luna Classic ecosystem token. Additionally, the community recently passed a major proposal focusing on enhancing the governance and stability of the ecosystem.

As always, investors should conduct thorough research and consider the risks associated with cryptocurrency investments before making any financial decisions.