The Terra Luna Classic community has voted against a proposal to burn 800 million TerraClassicUSD (USTC). The community showed its dissatisfaction with the method of burning funds from the Risk Harbor multi-signature wallet.
The rejected proposal suggested burning 800 million USTC with an update in the Terra client. However, validators such as StakeBin, LUNC Development Fund, LuncGoblins, and PFC expressed their concerns and opposed the proposal.
The validator Lunanauts proposed an alternative method to burn the USTC treasury held in the Risk Harbor Multi-Signature Wallet through a contract intermediary, without the need for any code deployment and reducing potential legal consequences.
While discussions continue on the Commonwealth forum of the Terra Luna Classic community, alternative proposals to burn the 800 million USTC are being explored. The rejection of the proposal highlights the community’s determination to find effective and legally compliant ways to manage USTC funds.
The market’s reaction was notable. The native token of Terra Luna Classic, LUNC, experienced a 13% drop in the last 24 hours and is currently trading at $0.000144. Similarly, the price of USTC also fell by 13%, down to $0.032. The increased trading volume indicates a rise in market activity and interest, while the price drops reflect a cautious sensitivity among investors.