The Terra Luna Classic community took a monumental step by passing, on its second attempt, Proposal 12073. This decision marks a watershed moment for the project, allowing the burning of a significant amount of 800 million USTC, a strategic move intended to boost the value of the currency.
Released again on February 19 after an unsuccessful first attempt, the “Burn 800 million USTC through contract migration” proposal opened the door to heated debates and active participation from community members. The voting process, which lasted until the 26th of the same month, revealed an interesting division between the participants. According to data from ATOMScan, 40,90% of validators supported the initiative, while a small fraction of 7,32% were against it. Abstention was the choice of 43,96% of validators, with 7,82% expressing a vehement rejection of the proposal through a “No with veto”.
One of the notable moments of the process was the abstention of Allnodes, a key validator in the Terra Luna Classic structure, who chose not to participate in the vote. This act did not go unnoticed and motivated members of the community to mobilize in favor of the approval of the proposal, highlighting the importance of active participation for collective success.
The approval of this proposal not only solidifies the community's commitment to the future of Terra Luna Classic but also signals a new chapter for the USTC. The predicted burn of around US$32 million in USTC, originating from the Risk Harbor multisig portfolio, had an immediate impact on the market.
This increase was not restricted to USTC. LUNC, another digital asset in the Terra Luna ecosystem, also experienced significant appreciation, recording a 10% gain shortly after the proposal was approved. Although it suffered a slight retraction, LUNC maintained its upward trajectory, highlighting the positive influence of community decisions on the value of digital assets.
At the time of publication, the price of LUNC was quoted at US$0,0001292 with an increase of 0,3% in the last 24 hours and an increase of 8% in 7 days.
