The emerging cryptocurrency group Terra Luna Classic has gained attention by endorsing a significant proposal: burning 800 million USTC tokens. The cryptocurrency community is excited by this development, which has prompted traders to increase their bids.
A Close Poll
A prominent member of the community by the name of Vegas is the one who started the idea to freeze and ban a particular wallet that held these tokens. The focus is now on this wallet, which is identified as “TERRA1QYW695VAXJ7JL6S4U564C6XKFE59KERCG0H88W.” Allnodes, a well-known validator, voted in favour of the proposition throughout the voting process.
800M USTC Burn by Terra Luna Classic Ignites Enthusiasm,800M USTC Burn by Terra Luna Classic Ignites Enthusiasm
30.51% of voters rejected the idea, with 54.07% of the total voting in favour of it. Notably, Hexxagon and LuncLive were two validators who maintained their objectivity. This hesitancy draws attention to the uncertainties within the community. The choice to freeze the wallet may postpone the token burn, which would have a big impact on the ecosystem of Terra Luna Classic.
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Encouragement of the Token Burn
Previously, 800 million USTC tokens have been approved for burning by the community. Negotiations for a financial transfer or direct burn with the wallet owners, however, came to a dead end. The L1 development team is ready to start the blacklisting procedure in light of the latest vote.
Not to be overlooked is Terra Luna Classic’s stellar performance history. Four days ago, the community commemorated a historic milestone: the astounding burn of 76 billion LUNC tokens. Their determination to lower the amount of LUNC in circulation is demonstrated by this endeavour.
What Role Does Binance Play in This?
A major part of this accomplishment was contributed by the well-known cryptocurrency platform Binance, which accounted for more than half of the LUNC tokens burnt. At now, 5.80 trillion out of a total of 6.83 trillion LUNC tokens are in circulation.
The continuous goal is to increase LUNC token usefulness, which will accelerate token burn. A weekly average burn of 400 million LUNC tokens is committed to by the community.
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It is clear how committed community members, validators, and cryptocurrency exchanges are. In a recent effort, Binance burnt more than 1 billion LUNC tokens in a single batch.
800M USTC Burn by Terra Luna Classic Ignites Enthusiasm,800M USTC Burn by Terra Luna Classic Ignites Enthusiasm,800M USTC Burn by Terra Luna Classic Ignites Enthusiasm