Terra Luna Classic Community Proposes Major USTC Burn to Secure Assets and Boost LUNC Price
The post Terra Luna Classic Community Proposes Major USTC Burn to Secure Assets and Boost LUNC Price appeared on BitcoinEthereumNews.com.
The Terra Luna Classic community has introduced a proposal to burn 46.55 million USTC through a contract migration. This proposal targets the removal of inactive contracts, aiming to secure the Terra Classic community’s assets. Following the proposal announcement, LUNC saw a 3% price increase, while USTC’s price rose by 2%. The Terra Luna Classic community pushes forward with a significant USTC burn initiative to enhance asset security and stability. Community Votes on Terra Luna Classic USTC Burn Proposal The Terra Luna Classic community has rallied behind a new USTC burn proposal, aiming to burn 46.55 million USTC through a targeted contract migration. This initiative primarily focuses on wallets associated with the Mirror Protocol. The proposal follows a previous attempt that failed due to insufficient contract balances, highlighting the community’s resolve to revisit and address the matter with renewed urgency. Strategic Move to Secure Assets TerraForm Labs CEO Chris Amani emphasized the necessity of burning these assets during a community wind-down meeting. Amani outlined that destroying the wallets is crucial to prevent potential unauthorized access to the keys in the future. He stressed the importance of this action to comply with legal requirements and ensure the security of the assets involved. Impact on LUNC and USTC Prices In the wake of the proposal announcement, the market responded positively. LUNC’s price surged by nearly 3% to $0.00008976, with a notable 17% increase in trading volume, hitting $26 million. The cryptocurrency reached a peak of $0.00009136 within the last 24 hours, reflecting investor optimism. Concurrently, USTC saw a 2% price hike to $0.01847, even though its trading volume dipped by 4% to $7.01 million. The asset’s price fluctuated between a high of $0.01884 and a low of $0.01753 during the same period. Looking Ahead This burn proposal is part of a broader effort…
Filed under: News - @ September 27, 2024 12:27 am