In a resounding display of unity and conviction, the Terra Luna Classic community has achieved a pivotal milestone by passing Proposal 11710, signalling the official approval for the direct burning of a staggering 800 million USTC tokens. The proposal, spearheaded by Vegas and propelled by strong community support, carries profound implications for the Terra Luna Classic ecosystem.
Amid recent market fluctuations that briefly dampened both LUNC and USTC prices with a roughly 10% decline, the resounding approval of Proposal 11710 has ushered in an immediate resurgence in their values. This accomplishment underscores the community’s collective determination to shape the trajectory of their token’s value and ecosystem.
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Proposal to burn 800 million USTC is Approved
The approved proposal specifically targets the burning of 800 million USTC tokens associated with the Ozone protocol. In a departure from conventional practices, where such tokens might be returned to the community pool, community members have advocated for their complete elimination through the burning process. This decision marks a strategic step towards fine-tuning the USTC economy and enhancing its stability.
To set the plan into motion, the guardians of the Ozone reserve wallet will initiate the burning process by directly transferring the allocated funds to the Terra Luna Classic burn address. This course of action renders the previously proposed solutions, namely Proposal 11658 aimed at restoring the USTC tokens to the community and Proposal 11660 advocating for their burning, ineffective in light of the resounding success of Proposal 11710.
An overwhelming consensus among the community validators has propelled this milestone forward. Out of the 40 validators that participated in the vote, an impressive 35, including respected names like Allnodes, Interstellar Lounge, HappyCattyCrypto, StakeBinfavor, and 1maxfee, cast their votes in favour of the burning proposal.
With a striking 85% majority of votes in favour, complemented by 8% abstaining and a minor 7% voting against, the strong backing of the community emphasizes a collective commitment to this pivotal decision.
The ramifications of this landmark decision are vividly reflected in the subsequent market response. The recent market turbulence that affected the prices of both LUNC and USTC has been countered by a resurgence in positive sentiment following the approval of the USTC burning proposal.
Effects of the Movement on LUNC Price
The price of LUNC has displayed a remarkable 1% surge within the past 24 hours, reaching a current trading value of $0.000066. This price resurgence underscores the immediate impact of the 800 million USTC burn on LUNC’s value. The 24-hour trading range for LUNC spans from a low of $0.0000662 to a high of $0.0000681.
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Similarly, USTC has demonstrated a notable recovery, witnessing an almost 5% increase over the past 24 hours and achieving a current trading value of $0.013. This remarkable momentum solidifies the profound influence of Proposal 11710 on market dynamics. The 24-hour trading range for USTC encompasses a low of $0.0126 to a high of $0.0137.
In achieving the passage of Proposal 11710 for the direct burning of 800 million USTC tokens, the Terra Luna Classic community has embarked on a transformative journey towards redefining their token’s value proposition. The subsequent market revival in LUNC and USTC prices adds further weight to the potential benefits of this strategic manoeuvre, demonstrating the resilience and foresight of the community in the face of a rapidly evolving crypto landscape.