Terra Luna Classic Passes Proposal 12073 At The Second Attempt

The Terra Luna Classic community has finally passed Proposal 12073 on the second attempt. The Proposal to “Burn 800M USTC Through Contract Migration” was introduced for the second time on February 19, opening the voting window until February 26.

Data from ATOMScan showing details of the voting pattern revealed only 40.90% of the validators voted in favor of the proposal. Further review showed 7.32% voted against it, while 43.96% of the validators chose to abstain, with 7.82% voting “No With Veto.”

Notably, Allnodes, a top validator of the Terra Luna Classic community, was among those who abstained from the voting exercise. A community member who spotted Allnodes’ abstinence seized the opportunity to encourage other members to vote in favor of the proposal.

Passing Proposal 12073 gives the Terra Luna Classic community the go-ahead to burn about $32 million USTC, equivalent to 800 million USTC, from the Risk Harbor multisig wallet. USTC’s price surged 25% shortly after voting passed the approval threshold. The crypto’s price surged from $.0.0320 to $0.0397 in less than one hour, according to data from TradingView.

The price pulled back before surging again to reach a daily high of $0.0414 on February 25. However, the bullish momentum appears to have faded, with USTC consolidating into a sideways movement. At the time of writing, USTC traded for $0.0370 after bouncing off a local low of $0.0353, per TradingView data.

Apart from USTC, LUNC, another token from the Terra Luna ecosystem, also surged on the outcome of the proposal approval. LUNC gained 10% within an hour before going into retracement. However, it has continued upwards and traded for $0.000133 at the time of writing, according to data from TradingView.