The Terra Luna Classic community has recently rejected three consecutive proposals to burn all USTC tokens in the community pool, highlighting a lack of consensus on the necessity of such an action. A previous acceptance to blacklist a Risk Harbor Multisig Wallet containing 800 million USTC due to lost project keys had raised expectations for a burn.
Proposal #11958, which suggested burning 8 million USTC directly from the community pool, faced rejection despite the pool holding 8.11 million USTC and 3.61 billion LUNC. The voting process saw several high-level validators, including Interstellar Lounge and JesusisLord, vote against the proposal.
The community’s stance is that the funds should be used for the development of the Terra Luna Classic chain and to support liquidity in ongoing projects. The rejected proposal had argued for burning all USTC in the pool due to its current lack of necessity.
The presence of 3.61 billion LUNC in the community pool is considered significant enough to cover on-chain activities and manage other costs. A statement by VegasMorph emphasized the community’s commitment to self-sufficiency and responsible management of resources, aligning with the deflationary vision for the community.
In market news, LUNC’s price plummeted by 22% following a significant drop in BTC price, later stabilizing at $0.00011814. Meanwhile, USTC’s price decreased by over 3% in the last 24 hours to $0.0276, with a weekly decline of over 20%.