LUNC News: USTC Price Soars 25% As 800M Burn Proposal Is Officially Passed

LUNC News:Terra Luna Classic proposal to burn 800 million USTC is passed by the community, enabling the community to proceed with the burn after much debate. USTC price has skyrocketed 25% today, but pared some gains in the last few hours.

Terra Classic Community Passes 800 Million Burn Proposal

Proposal 12073 “Burn 800M USTC through Contract Migration” has successfully surpassed the “pass threshold”, finally approving to burn 800 million USTC worth nearly $32 million from the Risk Harbor (formerly Ozone Protocol) multisig wallet.

The proposal saw major voter turnout as the Terra Classic community deems the proposal suggests the best way to blacklist, as per proposal 11832, and burn 800 million USTC in Risk Harbor wallet, as per proposals 11660 and 11710. The proposal received 41% “Yes” votes, 33% “Abstain” votes, along with 18% “No” and 8% “No with veto” votes.

Among 58 validators who participated in the voting, 42 voted in favor of the proposal. 11 voted “Abstain”, 1% “No” and 4% “No with veto”. Top validator Allnodesvoted “Abstain”, which cleared the community to move ahead with 800 million LUNC burn.

As CoinGape reported earlier, the code will be used to migrate 800 million from multisig contract or wallet of Risk Harbor to a new code version via a contract migration proposal. The migration handler will automatically take care of the tax to execute the burn transaction. This methodology will not alter the state of the blockchain, claimed former Joint L1 Task Force (L1TF) developer Fragwuerdig.

USTC Price Rally 25%

USTC price rallied from a 24-hour low of $0.0320 to $0.0410, making a 25% move in the past 24 hours. The price is currently trading at $0.0368 after paring some gains. The recent rally renewed confidence in regaining Decembers $0.060 level.

LUNC price jumped 2% in the past 24 hours, with the price exchanging hands at $0.000124. The 24-hour low and high are $0.000122 and $0.000133, respectively. Moreover, trading volume has increased by 200% in the last 24 hours amid new long positions by traders.

As per CoinGape Markets, holding above the green support band is crucial for LUNC as it allows bulls to take control. The resistance at $0.00014 is key for further upside in LUNC towards $0.0002.