Terra Luna Classic Community Burns 800 Million USTC Tokens

The Terra Luna Classic community has voted to transmit 800 million USTC associated with the Ozone protocol directly to the burn address.

The community prefers to fire these USTC tokens as opposed to returning them to the pool. In response, the prices of LUNC and USTC are rebounding after declining more than 10% amid a broader crypto market selloff.

Vegas’s proposal 11710 to “directly burn the 800 million USTC” has been approved by the Terra Luna Classic community. In light of the growing consensus among community members to destroy 800 million USTC, a new proposal was made to destroy the tokens directly.

According to the proposition, the 800 million USTC should be burned by the signatories of the Ozone Reserve Wallet. This is possible by transmitting the funds directly to the Terra Luna Classic burn address.

Moreover, the community-approved proposals 11658 and 11660 will become ineffective. The objective of proposal 11658 was to return 800,000,000 USTC from the Ozone Protocol reserve wallet to the Terra Luna Classic community.

In contrast, Proposal 11660 was a counter-proposal to consume 800 million USTC as opposed to depositing them in the community pool.

Both proposals were approved by the community, so a new proposal was required to directly destroy these tokens.

Proposal 11710 has received nearly 85 percent of the vote, compared to 8 percent of “abstention” and 7 percent of “no” votes.

The proposal was supported by 35 validators, including Allnodes, Interstellar Lounge, HappyCattyCrypto, StakeBinfavor, and 1maxfee, out of a total of 40 validators.