LUNC Community Votes to Dispose of 8 Million USTC Stablecoins

LUNC is trading at $0.0001466, down 1.20%, and USTC at $0.03305, a 1.93% drop, with both experiencing increased trading volumes.

LUNC Community Votes to Dispose of 8 Million USTC Stablecoins
LUNC Community Votes to Dispose of 8 Million USTC Stablecoins

As the Terra Luna ecosystem struggles for recovery, the LUNC community votes to dispose of every USTC stablecoin.

The decision is made in light of renewed interest in the project’s strategy to destroy over 8 million USTCs from the compromised Risk Harbor Wallet security keys.

The community consented to the cryptocurrency wallet being blocked. In contrast, the majority of Terra Classic supporters hold the view that the blockchain ought to investigate more efficient methods for incinerating stablecoins.

Proposal 11958 was one of several proposals unveiled on X by the Terra Community. With an excess of 8.03 million tokens in the community pool, its objective is to eradicate every USTC token.

Enthusiasts protest the proposal, casting 28% of the initial ballots in favor and 71% in opposition. Four of the seven validators who cast votes supported the proposal, whereas three opposed it.

The strategy is to deplete the community pool of USTC coins, given that the 3.49 billion LUNC tokens seem sufficient to cover all on-chain expenses and operations.

Although the community did not well receive the proposal, it demonstrated Terra’s commitment to resource management and the promotion of self-reliance.

As of press time, LUNC is trading at $0.0001466; it has decreased 1.20 percent over the previous day. During that period, the trading volume increased by 13% to $90,794,465.

Additionally, over the previous twenty-four hours, USTC fell 1.93 percent to $0.03305, while its daily trading volume increased 17 percent to $37,882,951.