The Terra Luna Classic community finds itself embroiled in a heated debate over the allocation of 800 million USTC tokens linked to the Ozone Protocol, raising concerns about the project’s deviation from its proposed development plan. The contentious discussion has sparked opposing viewpoints among prominent community members, Vegas and Alex Forshaw, each proposing different courses of action for the tokens.
Terra Classic Community Debates On 800 Million USTC Tokens In Ozone Protocol
Vegas, a former member of the Ex-Terra Rebels developer group, has taken the initiative to bring this matter to the forefront. He strongly believes that the 800 million USTC tokens should be reabsorbed into the Terra Classic community pool due to the Ozone Protocol’s perceived failure to adhere to the proposed development plan. The initial funding from the community pool to support Ozone V1 and Ozone V2 showed potential, but the Risk Harbor team responsible for managing these funds has not fully utilized the intended 1 billion UST.
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My core mission is to uphold what is right and just. Central to this mission is the restoration of funds to their original source. By achieving this,we will get even more, wewill be able to fund the development of the Chain and take out of circulation approximately 10% of the…
— Vegas (@VegasMorph) July 26, 2023
As per Vegas’ proposal, the unused funds should be returned to the community pool in the best interests of the Terra Luna Classic community. He also requests ongoing support from the community fund to continue underwriting Ozone indefinitely unless an alternative counter-proposal gains traction.
Alex Forshaw, another former Terra Rebels member and co-author of the Terra Classic Revival Roadmap, holds a different perspective. Forshaw suggests that the idle USTC tokens should be burned rather than returned to the community pool. He argues that validators and stakers, who wield significant influence on the market, may choose to sell the tokens, leading to a devaluation of the USTC team’s efforts.
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However, Forshaw proposes a middle ground, where a portion of the tokens can be burned to strengthen the narrative around repegging, while the remaining tokens can be returned to the community pool.
The concern of over 800 million USTC influences its price
The ongoing deliberations regarding the fate of the 800 million USTC tokens have raised concerns about their potential impact on the prices of LUNC and USTC. In the past 24 hours, the price of LUNC has shown minimal change, currently trading at $0.000081. The token’s price volatility is evident from its 24-hour low of $0.00008083 and high of $0.00008244, as reported by CoinMarketCap.
On the other hand, USTC has experienced an upward trend, with its price currently trading at $0.01613, reflecting a 1% increase over the past 24 hours and an impressive 30% surge within a month. The trading volume has also seen significant growth, rising by 50% during the same 24-hour period.
As the Terra Luna Classic community continues to grapple with this contentious debate, investors and stakeholders closely watch how the situation unfolds, knowing that the decision regarding the 800 million USTC tokens could have far-reaching implications for both LUNC and USTC prices.
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