The Terra Luna Classic community has been debating and discussing about burning 800 million USTC to help repeg USTC and revive LUNC. Despite passing a proposal to blacklist Ozone Protocol wallet containing 800 million USTC, the community is again voting to nullify the proposal as some developers and validators raised concerns over the code change that could significantly impact the blockchain.
Terra Luna Classic Proposal to Nullify Blacklisting 800M Wallet
Proposal 11849 “Reverse and Nullify Blacklisting Proposal #11832″ by validator JESUSisLORD seeks to reverse and nullify earlier passed Proposal 11832, safeguarding the integrity of the LUNC blockchain. In addition, the proposal seeks to instruct the L1TF to delete any blacklisting code from the LUNC codebase (Github), completely removing the risk of its use in the future.
Inon Man, an experienced L1 developer suggested by Edward Kim, warned that the proposal would “also alter the state and it also adds permanent threat to the blockchain.” He also said the code changes have the potential to inflict long-lasting damage on Terra Luna Classic.
“Validators displayed hypocrisy in voting YES to blacklist funds in third party wallets but also rejecting strongly Terraports proposal to blacklist stolen customer funds, when arguably they have a better claim for a wallet to be frozen, this proves that greed was a strong motivator in some validators decisions.”
According to the proposal, blacklisting one wallet can risk blacklisting others. This can bring legal risk to the chain, validators, and developers. Thus, passing the proposal is significant for the community.
LUNC and USTC Prices Rebound
LUNC and USTC prices recovered amid buying in the broader crypto market. The 800 million USTC burn is significant for the USTC repeg and revival of LUNC, but this should not impact prices.
LUNC price jumped 2% in the past 24 hours, with the price currently trading at $0.000058. The 24-hour low and high are $0.0000572 and $0.0000593, respectively. However, the price is still trading below the support level of $0.000060.
Meanwhile, USTC price trades at $0.011, moving sideways in the past 24 hours. The 24-hour low and high are $0.0113 and $0.0114, respectively.
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