The Terra Luna Classic community has given the green light to a major proposal: the direct burning of a whopping 800 million USTC. Now that the digital dust has settled, an increase in the value of LUNC is noticeable, even as broader crypto markets grapple with recent challenges.
A decision fueled by consensus
The Terra Luna Classic community showed a united front and chose to burn a whopping USTC 800 million tied to the Ozone Protocol. This move has been favored over an alternative to returning the tokens to the common pool. As a result, the crypto market saw a rapid recovery in LUNC and USTC valuations, especially significant after a recent drop of more than 10% in the broader market.
A journey through proposals
The approved proposal, known internally as Proposition 11710 and developed by Vegas, was launched amid growing support from community members who shared a vision to reduce USTC circulation. This directive attempts to fight the fire by shifting the 800 million USTC directly to the Terra Luna Classic fire address.
Interestingly, this is not the only proposal that has gained popularity. Two others – Proposal 11658 and 11660 – once held the community’s attention. The first proposed taking the 800 million USTC from the Ozone Protocol reserve supply and returning it to Terra Luna Classic’s domain. The latter, a counter move, pushed for the tokens to be burned rather than collected back into the community.
Voices from the community are rising to the surface
The vocal community showed an overwhelming approval rating for Proposition 11710, with a striking 85% putting their support behind it. Conversely, only 7% were against, while 8% chose to remain neutral. Among the influential validators in the community, an overwhelming majority, including names like Allnodes, Interstellar Lounge, and StakeBinfavor, supported the burn initiative.
At the time of writing, a look at the market reflects the current value of LUNC at $0.00006545, and USTC at $0.013. Both tokens had previously seen modest increases in their valuation, a trend worth following in the coming days.
