Terra Luna Classic Proposals To Burn 800 Million Tokens Officially Passed, USTC & LUNC To $1?
Terra Luna Classic Community Favors To Burn 800 Million USTC
Proposal 11658 “Return of Community funds not used” by ex-Terra Rebels developer group member Vegas has passed with 70.27% “Yes” votes. He recommended returning 800 million USTC on-chain funds to the Terra Luna Classic community pool as the Ozone Protocol project is not actively following the proposed development plan.
However, the counter Proposal 11660 “Burn 100% of Funds Should Prop: 11658 Pass” receives 82.55% “Yes” votes. It claims that a large portion of the community is requesting to burn 800 million tokens. Thus, even if Proposal 11658 passes, the counter-proposal will prevail as it has received more votes.
The community needs to wait for another similar proposal that suggests burning 80% and sending 20% to the community pool for developers. Notably, the proposal hasn’t received many votes in favor as only 46% agreed with it.
The preparations for returning funds have already started as developers started contacting and approving a transfer of 800 million USTC tokens. Amid the USTC repeg efforts, a revival of LUNC only after the USTC repeg narrative is picking up pace. Prominent members believe LUNC has a better roadmap for revival, with market cap and utility continuously growing.
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LUNC and USTC Need Upside Momentum
According to CoinGape Markets, Terra Luna Classic can recover above the $0.00009 support level. However, the weakness in the broader crypto market caused LUNC and USTC to fail to build upside momentum.
LUNC price fell 0.5% in the past 24 hours, with the price currently trading at $0.000077. The 24-hour low and high are $0.0000776 and $0.0000794, respectively.
Meanwhile, USTC price trades at $0.0158, up nearly 5% in the past 24 hours and 31% in a month. The trading volume has increased by 25% in the 24hrs.
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