Terra Luna Classic Proposal For USTC Burn By Binance Passed

Terra Luna Classic Proposal For USTC Burn By Binance Passed

The Terra Luna Classic community has passed a major proposal to ask crypto exchange Binance to burn USTC alongside LUNC in its burn mechanism. The community believes Binance burning USTC will help speed up the USTC repeg efforts by the Quant team and will also raise the value of LUNC. Will Binance help the Terra Luna Classic community repeg USTC to $1 amid issues such as Binance vs U.S. SEC lawsuit?

Terra Luna Classic Community Proposes USTC Burn By Binance

Proposal 11785 “Asking Binance to Start Burning USTC” is officially passed by the Terra Luna Classic community. Validators’ voting turnout still remains low despite various efforts by developers and key community members.

The proposal has received 42.85% “Yes” votes, indicating support from the Terra Luna Classic community. It has also received 9.62% “No” and 0.14% “No with veto” votes. Abstain votes are 47.39% as top validator Allnodes decided to abstain from voting.

19 validators such as HappyCattyCrypto, 1maxfee, JESUSisLORD, StakeBin, and Lunanauts have favored the proposal. Whereas, 4 validators including TMOM opposed the proposal.

The community aims to ask Binance to start burning USTC monthly. Binance currently burns 50% LUNC in a monthly burn mechanism and the community seeks to start burning USTC monthly with the remaining 50%.

If Binance agrees to burn USTC, it will help the Terra Luna Classic community repeg USTC to $1. Binance is the largest LUNC burner and contributed nearly 38 billion LUNC.

Read More: Terra Luna Classic (LUNC) Community Criticizes Core Developer L1TF Q4 Plans

LUNC and USTC Continue Falling

The recent selloffs in the broader crypto market resulted in LUNC and USTC prices remaining under pressure. Terra Luna Classic ecosystem tokens tumbled significantly last month, with LUNC and USTC falling significantly. While the buy-the-dip remains high among investors, it has failed to bring any upside momentum yet.

LUNC price fell 2% in the last 24 hours, with the price currently trading at $0.000056. The 24-hour low and high are $0.0000568 and $0.0000580, respectively.

Meanwhile, USTC price also tumbled 1% in the past 24 hours, with the price currently trading at $0.012. Moreover, trading volume has also decreased by 22% in the past 24 hours.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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