Terra Luna Classic’s Road to 800 Million USTC Burn Nears Completion – Coinpedia Fintech News

Posted on

Terra Luna Classic, the growing crypto community, has made waves by endorsing a pivotal proposal concerning a massive 800 million USTC token burn. This recent development sent ripples throughout crypto, pushing traders to hike their bids.

Tight Vote on a Controversial Proposal

A key community member named Vegas led the proposal, proposing blacklisting and freezing a particular wallet with the stated tokens. The wallet, tagged “TERRA1QYW695VAXJ7JL6S4U564C6XKFE59KERCG0H88W,” became the center of attention. Once the vote was called, top validator Allnodes showed support, casting a favorable ballot.

But it wasn’t a landslide. The final tally showed 54.07% backing the move, while 30.51% opposed it. Interestingly, some validators, like Hexxagon and LuncLive, took a neutral stance. This indecisiveness reflects the community’s uncertainties. Freezing the wallet could postpone the token burn, which is significant for the Terra Luna Classic ecosystem.

The Burn Marathon

Earlier, the community had given the green light to burn the 800 million USTC tokens. However, attempts to negotiate with the wallet owners, either for a fund transfer or a direct burn, hit a dead end. With the recent vote, the L1 development team is on standby to commence the blacklisting process.

It’s worth noting Terra Luna Classic’s impressive track record. The community celebrated a new landmark four days ago: a staggering burn of 76 billion LUNC tokens. This initiative is a testament to their commitment to reducing the LUNC’s circulating supply.

Binance, the world-renowned crypto platform, played a colossal role in this achievement, contributing to over half of the total LUNC torched. Currently, the LUNC token’s circulating supply is a hefty 5.80 trillion out of 6.83 trillion.

The ongoing objective? To ramp up the utility, subsequently accelerating the burn rate. Currently, the community commits to an average weekly burn of 400 million LUNC.

The dedication of crypto exchanges, validators, and community members is evident. Binance, in its recent effort, burned over 1 billion LUNC tokens in a single batch.

Source: Read Full Article