USTC Price Surges 25% After 800M Burn Approval

The Terra Luna Classic community has approved the burning of 800 million USTC, worth $32 million from the Risk Harbor wallet.

The community has decided to approve the Terra Luna Classic plan to burn 800 million USTC enabling the community to move forward with the burn after considerable discussion.

Terra Classic Community Passes 800 Million Burn Proposal

Today, the price of USTC surged by 25% but it has shaved some of its gains in the most recent few hours. Proposal 12073, titled “Burn 800M USTC through Contract Migration,” successfully surpassed the “pass threshold,” leading to the approval of burning 800 million USTC equivalent to almost $32 million from the multisig wallet formerly known as Risk Harbor (aka Ozone Protocol).

The Terra Classic community believes that the proposal proposes the best way to blacklist as per proposal 11832, and burn 800 million USTC in the Risk Harbor wallet as per proposals 11660 and 11710.

As a result, the proposal received many votes from voters. In addition to 18% “no” votes and 8% “no with veto” votes, the proposal obtained 41% “yes” votes, 33% “abstain” votes, and an additional 18% “no” votes.

42 out of the 58 validators who participated in the voting process voted to support the proposition. We received 11 votes of “Abstain,” 1% of “No,” and 4% of “No with veto.” The community proceeded with burning 800 million LUNC credits after the top validator Allnodes voted “Abstain.”

A contract migration proposal, the code transfered $800 million from a multisignature contract or wallet belonging to Risk Harbor to a new code version. It is the responsibility of the migration handler to handle the tax and carry out the burn transaction automatically.

Fragwuerdig, a former blockchain developer who worked for the Joint L1 Task Force (L1TF) asserted that this methodology will not change the current condition of the blockchain.

USTC Price Rally 25%

After reaching a 24-hour low of $0.0320, the price of USTC rose to $0.0410, representing a 25% increase over the previous 24 hours. The price has returned to its earlier level of $0.0368 after experiencing some losses.

The rise rekindled faith in the possibility of reclaiming the $0.060 level in December. In the past 24 hours, the price of LUNC has increased by two percent and it is currently trading at $0.000124.

The 24-hour low and high are $0.000122 and $0.000133 respectively. Traders taking additional long positions have caused the trading volume to surge by 200% in the past 24 hours.

LUNC needs to maintain a position above the green support band because this allows bulls to gain control. For LUNC to continue its upward trend towards $0.0002, the resistance level at $0.00014 is essential.