The post Terra Luna Classic Community Anticipates Major 275 Billion LUNC Burn Amid Chapter 11 Developments appeared on BitcoinEthereumNews.com.

The Terra Luna Classic community is gearing up for potentially significant burns of USTC and LUNC tokens. Validator HappyCattyCrypto has provided estimates suggesting a substantial quantity of tokens could be removed from circulation. “Over 1 billion USTC and 275 billion LUNC tokens are expected to be burned,” stated the validator, indicating a pivotal moment for the ecosystem. In anticipation of significant burns by Terraform Labs post-bankruptcy proceedings, the Terra Luna Classic ecosystem is witnessing an optimistic revival in token prices. Terra Luna Classic Community Anticipates Significant USTC & LUNC Burns The Terra Luna Classic community is in a state of anticipation as Terraform Labs (TFL) prepares to initiate a substantial burn of USTC and LUNC tokens following its Chapter 11 bankruptcy proceedings. Validator HappyCattyCrypto, in a post shared on X, highlighted his analysis predicting that over 1 billion USTC and 275 billion LUNC may soon be rendered inactive, which could significantly impact the token’s supply dynamics. Community Actions and Governance Challenges As part of ongoing efforts to stabilize the network, the community has been urged to migrate contracts linked to the Mirror Protocol and Anchor Protocol to updated code, akin to the Risk Harbor initiative. These protocols involve Columbus-5 native assets—USTC and LUNC—that require careful management during this transition. Notably, a recent analysis revealed that more than 2.58 billion LUNC have been claimed through a reopened shuttle bridge, reflecting active engagement within the community. Impending Regulatory and Operational Changes Due to a court ruling affirming the necessity to burn all Terra Classic assets, as discussed by Chris Amani, TFL will halt interactions with the Columbus-5 and Phoenix-1 chains effective after October 31. Any attempts to burn or transfer tokens will be fraught with challenges following this cut-off date. TFL has emphasized in a statement that “Proposal 4818 will be our…

---

Filed under: News - @ September 9, 2024 12:26 pm