USTC Witnesses a 25% Surge After Approval of 800M Burn Proposal
Key Takeaways:
– The Terra Luna Classic (LUNC) community has approved Proposal 12073 to burn 800 million USTC through Contract Migration.
– The approval of the proposal has led to a 25% rally in the USTC price, reaching $0.04055.
– Allnodes, a top validator, voted “Abstain,” allowing the burn to proceed as planned.
– The burn will be implemented using a code migration process to ensure the blockchain’s integrity.
– The USTC price has slightly retraced to $0.0356 but has sparked optimism for reclaiming December’s $0.060 level.
– The LUNC token has also observed a 2% uptick in the past 24 hours, trading at $0.000124.
The Terra Luna Classic (LUNC) community recently achieved a major milestone as Proposal 12073, which aims to burn 800 million USTC through Contract Migration, was officially approved following intense debate. This decision led to an impressive 25% surge in the USTC price, reaching $0.04055. However, the price has slightly retraced and is currently trading at $0.0356.
Proposal 12073 initially faced rejection but has now achieved resounding success by surpassing the “pass threshold.” The proposal, titled “Burn 800M USTC through Contract Migration,” received approval for the burn from the Risk Harbor multisig wallet, unlocking approximately $32 million in value.
The Terra Classic community demonstrated strong participation in the voting process, with 41.44% voting “Yes,” 32% “Abstain,” 18% “No,” and 8% “No with veto” votes. Out of the 58 participating validators, 42 voted in favor, 11 voted “Abstain,” and 5 voted “No” or “No with veto.”
Notably, top validator Allnodes voted “Abstain,” allowing the community to proceed with the planned 800 million LUNC burn.
With the proposal’s approval, the community will initiate the burn of 800 million USTC from the Risk Harbor multisig wallet. This will be accomplished through a code migration process, which seamlessly transfers the specified amount to a new code version. This approach ensures the blockchain’s fundamental structure remains unchanged, guaranteeing a secure and transparent burn. Former Joint L1 Task Force (L1TF) developer Fragwuerdig assures that this method maintains the blockchain’s integrity.
Following the community’s decision to burn 800 million USTC, the USTC price experienced an exciting 25% surge, reaching $0.04055. Although the price has slightly adjusted to $0.0356 in the hours that followed, this upward movement has reignited optimism for reclaiming December’s $0.060 level.
In addition to the USTC excitement, the LUNC token has observed a 2% uptick in the past 24 hours, now trading at $0.000124.