Terra Luna Classic Plans to Burn 1B USTC and 275 Billion LUNC
The post Terra Luna Classic Plans to Burn 1B USTC and 275 Billion LUNC appeared on BitcoinEthereumNews.com.
Terraform Labs might burn billions of LUNC as its bankruptcy proceedings nears its end. Despite general uncertainty in the Terra Luna Classic community, its associated assets have erased their losses. According to validator HappyCatKripto, Terraform Labs (TFL) could burn 1 billion USTC and 275 billion Terra Luna Classic (LUNC) tokens as part of its Chapter 11 bankruptcy proceedings. While the amount of tokens to be burned remains uncertain, the Terra Luna Classic Community is now questioning the ecosystem’s next move. 1 Billion USTC & 275 Billion LUNC Could Burn 🔥 Upcoming burns, timeline and what’s next 👇🏼👇🏼 Drop a like if you want the #LUNC & #USTC to burn👇🏼 pic.twitter.com/alf1SuRdzk — HC Crypto (@HappyCatKripto) September 8, 2024 Preparation for 1 Billion USTC and 275 Billion LUNC Burn As block explorer Galaxy Finder revealed, 264 billion LUNC and 177 million USTC tokens have been claimed from the shuttle bridge Terraform Labs reopened. Additionally, the validator urged the community to migrate Mirror Protocol and Anchor Protocol contracts to a new code using governance similar to Risk Harbors. Notably, Terraform Labs owns Mirror Protocol, which has been inactive since the May 2022 crash. The funds related to the Mirror Protocol and Anchor Protocol are Columbus-5 native assets USTC and LUNC. Per a Commonwealth post, the total LUNC burn from Mirror Protocol would be 480,404,166. Additionally, 729,976,293 USTC can be burnt from the Anchor Protocol and 46,556,271 USTC from the Mirror Protocol. According to TFL’s CEO Chris Armani, the court judgment ordered all Terra Luna Classic assets to be burned. After October 31, TFL will stop interacting with Columbus-5 or Phoenix-1 chains. Any token burn or transfer will be difficult after the court-approved deadline. Per Terra Money, TFL will no longer be able to support future chain upgrades. As highlighted in our previous article,…
Filed under: News - @ September 10, 2024 1:22 am