The Terra Luna Classic community has voted on a proposal to burn all USTC tokens in the community pool as part of ongoing efforts to revitalize altcoins and the chain while improving ecosystem tokens. This vote coincided with discussions about burning 800 million USTC from the Risk Harbor Multisig wallet, which had been left idle after the project keys were lost and the wallet was blacklisted.
Proposal 11958 suggested burning 8 million USTC directly, with the current USTC amount in the community pool being 8.03 million according to StakeBin data. The initial vote saw 28% in favor, with the majority of 71% against and 1% explicitly vetoing the proposal. Of the 7 validators participating in the governance vote, 4 supported the proposal while 3 opposed it.
The rationale behind the proposal was that the USTC in the community pool was deemed unnecessary for current community initiatives and thus should be burned. Another significant asset in the community pool is LUNC, with a substantial amount of 3.49 billion, considered sufficient to support on-chain activities and cover other costs.
Proponents of the proposal stated, “By attempting to burn this amount of USTC, we demonstrate our commitment to self-sufficiency and responsible management of community resources. This action aligns with our community’s deflationary vision and sends a strong message about our proactive role in shaping the future of Terra Classic.”
While the community was exploring other ways to burn USTC, a proposal to burn 800 million USTC was also rejected. The Terra Luna Classic community was informed that Risk Harbor had recently lost its keys and agreed to blacklist its wallet.
LUNC’s price experienced a slight decline, falling 2% from its 24-hour high of $0.000158, trading at $0.0001454 at the time of writing. However, the trading volume increased by 12% in the last 24 hours. Meanwhile, USTC’s price found buyers at $0.0331, a 1% decrease over the last 24 hours, maintaining a sideways trend over the past four days, with the lowest and highest prices being $0.0331 and $0.0351 respectively.