USTC Surges by 25% Following Community’s Approval of Groundbreaking 800 Million Burn Proposal

The Terra Luna Classic (LUNC) community has achieved a significant milestone with the approval of Proposal 12073, which aims to burn 800 million USTC through Contract Migration. This decision has caused a whirlwind in the market, resulting in a 25% surge in the price of USTC, reaching $0.04055. However, the price has slightly retraced in the subsequent hours and is currently at $0.0356.

Despite its initial rejection, Proposal 12073 has now been successfully passed, surpassing the “pass threshold.” The proposal, titled “Burn 800M USTC through Contract Migration,” received approval from the Risk Harbor multisig wallet, unlocking approximately $32 million in value.

The Terra Classic community actively participated in the voting process, with 41.44% voting “Yes,” 32% abstaining, 18% expressing “No,” and 8% casting “No with veto” votes. Out of the 58 validators involved, 42 supported the proposal, 11 abstained, and 5 opposed it. Notably, the top validator Allnodes chose to “Abstain,” allowing the community to proceed with the planned 800 million LUNC burn.

With the approval of Proposal 12073, the community is now preparing to initiate the burn of 800 million USTC from the Risk Harbor multisig wallet. This process involves a secure code migration to ensure a smooth transfer to a new code version while preserving the blockchain’s fundamental structure. Developer Fragwuerdig assures that this approach will maintain the integrity of the blockchain.

Following the community’s decision, the USTC price experienced a thrilling surge, but it has slightly adjusted to $0.0356 in the hours that followed. This movement has sparked optimism for reclaiming the $0.060 level seen in December.

In addition to USTC, the LUNC token has observed a 2% increase in the past 24 hours and is currently trading at $0.000124.