Terra Classic community officially accepted the proposal to burn 800 million USTC. Popular LUNC community member Vegas suggested blacklisting the Ozone Protocol wallet containing 800 million USTC and freezing the tokens instead of destroying them without permission. Traders immediately reacted to the acceptance of the offer, increasing prices.
Terra Classic Community Accepts $800 Million USTC Burn Proposal
Number 11832, “Proposal to blacklist wallet TERRA1QYW695VAXJ7JL6S4U564C6XKFE59KERCG0H88W” passed the “pass threshold” after top validator Allnodes voted “Yes” on the proposal.
The proposal received 54.07% “Yes” votes, while 30.51% decided to vote “No”. It also received 13.39% veto and 2.03% Abstention votes. The community remained undecided on whether it was right to freeze the wallet. Because this can significantly delay burning.
Of the 52 approvers who took part in the vote, 21 supported the proposal, while 21 voted No and vetoed No. This is an important proposal and that is why some popular validators such as Hexxagon, LuncLive, LuncGoblins and Solidvote choose to vote “Abstain”.
Directly changing the blockchain state and destroying funds is against blockchain ethics. Blacklisting provides a reversible action that allows funds to be recovered through governance if valid reasons are presented by wallet holders.
Koinfinans.com As we reported, the community previously accepted proposals approving the burning of 800 million USTC. But the idea of using diplomacy to persuade wallet holders to transfer them to the community pool or burn the funds directly failed. The L1 development team will implement the blacklisting process immediately.
LUNC Price Increases
LUNC and USTC prices, wider crypto- It is recovering from the recent sell-off in the market. Burning 800 million USTC is important for USTC repeg and LUNC revival.
LUNC price increased by 1% in the last 24 hours and the price is currently trading at $0.000056. The 24-hour low and high price are $0.0000556 and $0.0000574 respectively. However, the price is still trading below the support level.
Meanwhile, USTC price has moved sideways over the last 24 hours, trading at $0.011. The 24-hour low and high are $0.0109 and $0.0111 respectively.