The post USTC Soars 25% After Community Approves Historic 800 Million Burn Proposal appeared first on Coinpedia Fintech News
The Terra Luna Classic (LUNC) community has witnessed a significant development as Proposal 12073, aiming to burn 800 million USTC through Contract Migration, has been officially approved after a period of intense debate.
The decision to greenlight Proposal 12073 has set off a whirlwind in the market, with the USTC price experiencing a remarkable 25% surge, catapulting it to $0.04055. However, the jubilation was short-lived as the price retraced slightly in the subsequent hours, currently hovering at $0.0356.
Despite its initial rejection, Proposal 12073, has now achieved a resounding success as it crossed the “pass threshold.” The proposal, titled “Burn 800M USTC through Contract Migration,” gained approval for the burn from the Risk Harbor multisig wallet, unlocking nearly $32 million worth of value.
The Terra Classic community actively participated in the voting process, with 41.44% voting “Yes,” 32% choosing “Abstain,” 18% expressing “No,” and 8% casting “No with veto” votes. Out of the 58 validators involved, 42 supported the proposal, 11 abstained, and 5 opposed it.
A notable highlight was the decision of top validator Allnodes to “Abstain,” allowing the community to move forward with the planned 800 million LUNC burn.
Also Read: Terra Classic (LUNC) Price Surges 2% on Governance Upgrade, Eyes Breakout
With Proposal 12073’s approval, the community gears up to initiate the burn of 800 million USTC from the Risk Harbor multisig wallet. This involves a secure code migration process, ensuring a smooth transfer to a new code version while keeping the blockchain’s fundamental structure intact. Developer Fragwuerdig assures that this approach maintains the blockchain’s integrity.
Post the community’s decision, the USTC price experienced a thrilling surge, but it has slightly adjusted to $0.0356 in the hours that followed. This movement has sparked optimism for reclaiming December’s $0.060 level.
Read More: Terra Luna Classic Major Move: The Impact of Osmosis Fork on LUNC and USTC Prices
Beyond USTC, the LUNC token observed a 2% uptick in the past 24 hours, now trading at $0.000124.