The Terra Luna Classic community achieved a significant milestone by successfully passing Proposal 12073 on its second attempt. This decision marks a pivotal moment for the project as it allows for the burning of a substantial amount of 800 million USTC tokens. The strategic move is expected to enhance the value of the currency.
After an initial unsuccessful attempt, Proposal 12073, also known as the “Burn 800 million USTC through contract migration,” was reintroduced on February 19. The proposal sparked intense debates and active participation from community members. The voting process lasted until the 26th of the same month and revealed an interesting division among participants. According to data from ATOMScan, 40.90% of validators supported the initiative, while a small fraction of 7.32% opposed it. The majority of validators, 43.96%, chose to abstain from voting, while 7.82% expressed a strong rejection of the proposal through a “No with veto.”
One noteworthy moment during the process was the decision of Allnodes, a key validator in the Terra Luna Classic structure, to abstain from voting. This action did not go unnoticed and spurred community members to rally in favor of the proposal’s approval, emphasizing the importance of active participation for collective success.
The approval of Proposal 12073 not only reinforces the community’s dedication to the future of Terra Luna Classic but also signifies a new chapter for USTC. The projected burn of approximately US$32 million worth of USTC tokens from the Risk Harbor multisig portfolio had an immediate impact on the market.
The positive effects of the proposal were not limited to USTC alone. LUNC, another digital asset in the Terra Luna ecosystem, also experienced significant appreciation, recording a 10% increase shortly after the approval of the proposal. Although there was a slight retraction, LUNC maintained an upward trajectory, highlighting the favorable influence of community decisions on the value of digital assets.
As of the time of publication, the price of LUNC stood at US$0.0001292, with a 0.3% increase in the last 24 hours and an 8% increase in the past 7 days.
Disclaimer: The views and opinions expressed in this article, as well as those of any individuals mentioned, are solely for informational purposes and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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