The Terra Classic Community recently had something to cheer about following revelations about the number of LUNC and USTC token burns conducted over the past week. During that period a significant amount of LUNC and USTC tokens They are said to have been burned, something that could positively impact the prices of the crypto tokens.
The number of LUNC and USTC burns
In an X (formerly Twitter) afterAlexCryptoBull, a member of the Terra community, to the community attention how last week 700 million LUNC and 230,000 were burned. Facts from LUNCMetrics also confirms this development.
The Terra ecosystem has had to intensify its symbolic fires since then Terra LUNA crash in an effort to revive the LUNC and USTC tokens. So far, since May 13, 2022, around the time the LUNA crash occurred, 94.31 billion LUNC and 1.50 billion USTC tokens have been burned and disappeared from circulation.
As part of this fire initiative, the community of had to vote once on a proposal that, if passed, would have burned 800 million USTC tokens. However, the proposal was rejected due to legal issues.
Meanwhile, the Terra community has also launched other initiatives to help with the revival. Interestingly, the community recently voted against a proposal that seemed promising. In this proposal, the development team explored the possibility of the Terra blockchain being a Ethereum virtual machine (EVM) compatible platform.
Because Terra is EVM compatible, it offers numerous benefits to the network, including the possibility of LUNC and USTC prices increasing due to new money flowing into the ecosystem. However, some validators seemed concerned about the funding that would have been required to implement such a project and ultimately voted against the proposal.
The Terra community faces a new setback
The Terra community recently suffered another blow following the news that Terraform Labs had filed for bankruptcy. Considering the crypto company’s ties to the Terra ecosystem, the LUNC and UST tokens experienced a notable drop following this development. This could also mark the start of torrid times for the community in their attempts to revive both tokens.
In concrete terms, that could happen potential LUNC and USTC sell-off of the crypto company as part of the bankruptcy proceedings, something that will undoubtedly cause a drop in their price. The Terra community has already faced legal issues that Terraform Labs is currently facing court ruling that LUNA and TerraUSD were unregistered securities.
At the time of writing, LUNC and USTC are trading around $0.0001042 and $0.02536 respectively, both up more than 5% in the last 24 hours, according to data from CoinMarketCap.
LUNC price suffers amid network troubles | Source: LUNCUSD on Tradingview.com
Featured image from Coinmarketcap, chart from Tradingview.com
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