The post Terra Luna Community Passes Key Proposal To Burn Unbacked Assets appeared on BitcoinEthereumNews.com.

The Terra Luna community has taken a decisive step to strengthen its ecosystem. In a recent governance vote, members overwhelmingly approved a proposal to burn unbacked Axelar assets. This move has sparked fresh optimism among investors, leading to a 4% surge in LUNA’s price. With a strong majority voting in favor, the proposal signals a commitment to restoring trust in the Terra Luna network. Terra Luna Community Votes To Burn Unbacked Axelar Assets The latest Terra Luna governance proposal, identified as v2.14.0, focuses on eliminating unbacked Axelar assets. This chain upgrade aims to remove certain unsupported tokens, ensuring better asset security within the network. Notably, the proposal was submitted on January 26, with voting set to conclude in three days. As of now, over 202.67 million votes support the proposal, with minimal opposition. The majority decision underscores the community’s determination to enhance the ecosystem’s credibility. LUNA Price Reacts To Major Governance Move The approval of this proposal has had an immediate impact on LUNA’s market performance. Investor sentiment turned bullish following the announcement, pushing LUNA price up by 4% to $0.3204. Notably, its trading volume also soared 73% to $39.38 million. Simultaneously, LUNC price also recorded a 4% gain and exchanged hands at $0.00007729. Besides, CoinGlass data showed that LUNC Futures Open Interest soared more than 3%, indicating strong market confidence. Analysts believe the burning of unbacked assets could further boost LUNA’s valuation in the coming weeks. Market participants view this as a critical step in restoring stability and investor confidence in Terra Luna. The community has actively pushed for initiatives that enhance token utility and network resilience. Charles Hoskinson Hints at Terra Luna Classic Collaboration Adding to the excitement, recently Cardano founder Charles Hoskinson has shown interest in the Terra Luna Classic (LUNC) ecosystem. His engagement follows a pitch…

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Filed under: News - @ January 31, 2025 3:24 am