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While the Terra Luna ecosystem battles to recover, the LUNC community votes to burn all USTC stablecoins. The decision comes as the project saw renewed interest in the plan to burn over 8 million USTCs from the Risk Harbor Wallet, which lost security keys.
The community accepted to blacklist the crypto wallet. Meanwhile, most Terra Classic followers believe the blockchain should seek better ways to burn the stablecoins.
Terra’s USTC burn proposal
Terra Classic Community,
— Terra Classic Community (@marketinglunc) December 28, 2023
These 2 proposals are currently up for vote.
Proposal 11947 : create a official community CW platform passed yesterday
We will share the link with the #LUNCcomunity shortly and would like to thank everyone who has supported this initiative#LUNC $LUNC pic.twitter.com/eeghFklDbs
Proposal 11958 was among the proposal that the Terra Community revealed on X. It aims to destroy all USTC tokens from the community pool, which has over 8.03 million tokens.
Enthusiasts appear against the move, with 28% ‘Yes’ and 71% ‘No’ votes during the first voting. Also, three of the seven validators who voted opposed the proposal, while four favored it.
The plan is to destroy USTC coins within the community pool, as the 3.49 billion LUNC tokens appear enough to handle all on-chain costs and activities.
While the community rejected the proposal, it showcased Terra’s dedication to managing resources and enhancing self-sufficiency.
LUNC & USTC price actions
LUNC trades at $0.0001466 at press time, down 1.20% in the past day. The trading volume increased by 13% in that timeframe to $90,794,465.
Also, USTC plunged by 1.93% in the previous 24 hours to $0.03305, whereas its daily trading volume jumped 17% to $37,882,951.
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