The Terra Luna Classic community recently made a bold decision by proposing to burn millions of USTC. This step was taken in an effort to revive the ecosystem and increase the value of the token. What impact will this have on the market and how will the community react? Check out the full review below!

USTC's Controversial Burning Proposal

The Terra Luna Classic community is considering a proposal to burn 8 million USTC in the community pool. This proposal comes after a desire to burn 800 million USTC from Risk Harbor wallets that lost their access keys. However, the initial proposal was rejected for legal reasons, and a new method using smart contracts is being sought. In the early stages of voting, this proposal only received 28% "Yes" votes. The majority of community members rejected it with 71% "No" votes and 1% "No with veto" votes. Despite this, four of the seven validators were in favor of the proposal, while the other three were against.
Market Reaction and Token PriceSource: Stakebin
As the proposal was discussed, the price of LUNC decreased by 2% from its previous 24-hour peak, now trading at $0.000147. However, trading volume increased by 10% in the last 24 hours. Meanwhile, USTC is trading at $0.0331, down 1% in the last 24 hours. Despite the price drop, USTC's trading volume jumped 17% to $37,882,951. This shows that the community is highly engaged in the proposal and the Terra Luna Classic ecosystem as a whole. This active engagement could be a positive indicator for the future of this cryptocurrency.

Next Steps for Terra Luna Classic

The Terra Luna Classic community is now at a crossroads. They have to decide whether to proceed with the USTC burn or look for other alternatives. The USTC burn proposal from the blacklisted Risk Harbor wallet is still pending. This massive USTC burn is expected to bring deflation and strengthen Terra Luna Classic's position in the market. However, there are still legal concerns that need to be addressed. The community is awaiting votes from key validators before the voting closing date on December 27.
Conclusion The Terra Luna Classic community's bold move to burn millions of USTC shows their commitment to ecosystem recovery. Despite the uncertainties and challenges, this initiative could be a turning point for the downtrodden cryptocurrency. Will this be the beginning of a Terra Luna Classic renaissance?
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