Terra Classic community approved the proposal to burn 800 million USTC. Additionally, after long discussions, he decided to continue this cremation process. The price of USTC is up 25% today. However, it gave back some of its gains in the last few hours.
Terra Classic Community Accepted $800 Million Burning Proposal
The 800 Million USTC Burn via Contract Transport proposal successfully passed the “pass threshold” by approving the burn of 800 million USTC worth approximately $32 million from the Risk Harbor (formerly Ozone Protocol) multisig wallet.
There was wide participation in the proposal as the community felt that it was best to blacklist the proposal under proposal 11832 and burn the 800 million USTC in the Risk Port wallet under proposals 11660 and 11710. The proposal passed with 41% “Yes”, 33% “Abstain”, 18% “No” and 8% “No with Veto” votes.
Of the 58 validators who voted, 42 supported the proposal. 11 voted “Abstain,” 1% voted “No,” and 4% voted “No with Veto.” Allnodes, the top validator, voted “Abstain”, allowing the community to continue burning 800 million LUNC.
As previously reported, the code will be used to migrate 800 million from the multisig contract or Risk Harbor wallet to a new code release via a contract migration offer. The migration handler will automatically process the necessary taxes to automatically perform the burn. Former Joint L1 Task Force (L1TF) developer Fragwuerdig claimed that this methodology would not change the state of the blockchain.
USTC Price Rally
The price of USTC has increased by 25% in the last 24 hours. Therefore, it rose from its low of $0.0320 to $0.0410. However, the price is currently trading at $0.0368. This latest rally has renewed confidence in regaining December’s $0.060 level.
The price of LUNC increased by 2% in the last 24 hours and the price was traded at $0.000124. The lowest and highest price of 24 hours were $0.000122 and $0.000133 respectively. Additionally, trading volume increased by 200% in the last 24 hours as traders took new long positions.
However, holding above the green support band is extremely important for LUNC as it allows the bulls to take control. The $0.0002 resistance at the LUNC remains key for any further rise towards $0.00014.
You can access current market movements here.
