13.9 C
April 12, 2024
BTC Hunts
Image default

Will LUNC Price Skyrockets as 800m USTC Burn Proposal Gets Approved?

The post Will LUNC Price Skyrockets as 800m USTC Burn Proposal Gets Approved? appeared first on Coinpedia Fintech News

The Terra Luna Classic community has given the green light to a significant proposal – the direct burn of a whopping 800 million USTC. As the digital dust settles, a surge in LUNC’s value stands out, even as broader crypto markets grapple with recent challenges.

A Decision Fueled by Consensus

The Terra Luna Classic community showcased a unified front, opting to burn a colossal sum of 800 million USTC tied to the Ozone protocol. This move has been favored over an alternative to redirecting the tokens back into the community pool. As a result, the crypto market observed a swift recovery in LUNC and USTC valuations, especially significant after a recent decline of over 10% in the wider market.

A Journey Through Proposals

The endorsed proposal, known internally as Proposal 11710 and pioneered by Vegas, was ushered in amid growing support from community members who shared the vision of reducing USTC circulation. This directive seeks to action the burn by shifting the 800 million USTC directly to the Terra Luna Classic burn address.

Interestingly, this isn’t the only proposal that gained traction. Two others – Proposal 11658 and 11660 – once held the community’s attention. The former proposed to retrieve the 800 million USTC from the Ozone Protocol reserve stash and bring it back to Terra Luna Classic’s domain. The latter, a countermove, pushed to burn the tokens rather than pooling them back into the community.

Community Voices Rise Above

The vocal community displayed an overwhelming approval rate for Proposal 11710, with a striking 85% throwing their weight behind it. Conversely, a mere 7% opposed, while 8% chose to remain neutral. Among the influential validators in the community, an overwhelming majority, including names like Allnodes, Interstellar Lounge, and StakeBinfavor, championed the burn initiative. 

At press time, a glance at the market reflects LUNC’s current value at $0.00006545, and USTC hovering at $0.013. Both tokens had earlier observed modest hikes in their valuation, a trend worth tracking in the coming days.

Related posts

Ripple’s Ongoing Battle Leaves XRP at Fear Zone- Will XRP Price Rebound?

Leslie Kim

Cardano Network Witnesses A Spike In Network Activities! Is ADA Price Set To Hit $0.4 Mark?

Leslie Kim

Ripple CTO Reveals SHOCKING Truth About XRP’s $3.84 All-Time High

Leslie Kim