CryptoNow
  • Home
  • Market
  • Technology
  • Business
  • Blockchain
  • Regulation
  • Reviews
No Result
View All Result
CryptoNow
  • Home
  • Market
  • Technology
  • Business
  • Blockchain
  • Regulation
  • Reviews
No Result
View All Result
CryptoNow
No Result
View All Result

Terra Classic Community Votes On 8 Million USTC Burn Proposal

January 3, 2024
in Blockchain, Coins, News
A A
Dalintis FacebookDalintisShare on Twitter

Terra Luna Classic community votes on a proposal to burn all USTC in the community pool, as part of efforts to revive the chain and bring recovery in ecosystem tokens. The move comes amid the renewed narrative to burn 800 million USTC from Risk Harbor Multisig Wallet, which sits idle as the project lost the keys and has agreed to blacklist the wallet.

Terra Luna Classic Community Pool USTC Burn

Proposal 11958 “Burn 8 million USTC directly from CP” is up for voting on the Station wallet. The proposal aims to burn all USTC in the community pool through a spend proposal to burn address. Currently, the community pool has 8.03 million USTC, as per StakeBin data.

During the initial voting, the proposal received only 28% “Yes” votes. Most members have voted against the proposal, with 71% “No” and 1% “No with veto” votes. Among 7 validators who participated in the governance voting, 4 favored the proposal and 3 opposed the proposal.

CoinGape earlier reported that the motive behind the proposal is to burn all USTC in the community pool as they are not currently required for community initiatives. The community pool has a substantial amount of 3.49 billion LUNC. This is enough to cover the on-chain activities and manage other costs.

“By taking the initiative to burn this amount of USTC, we demonstrate our commitment to self-sufficiency and the responsible management of community resources. This action not only aligns with our community’s vision for deflation but also sends a powerful message that we are proactive in shaping the future of Terra Classic,” said VegasMorph.

Tags: Terra Luna

Related

Pepe

Whale Transfer Sparks Speculation: Is Pepe Coin Poised for a $0.00002 Breakout?

September 17, 2025

PEPE Coin is entering a pivotal phase, with its price action narrowing into a tight range. This compression hints at...

Momentum Builds as Solana Eyes Major Breakout

September 16, 2025

Despite a recent three-day decline in Solana’s price, market signals suggest a potential rebound is on the horizon. The dip,...

XRP Surges Past Corporate Giants as $6 Price Target Looms

September 14, 2025

XRP has overtaken the market capitalizations of Shopify, Verizon, and Citigroup, positioning itself as a top-tier global asset. According to...

Bullish Breakout Looms for Pi Coin

September 13, 2025

Pi Coin has captured renewed interest following its testnet upgrade to version 20, which coincided with a bullish chart pattern....

Hash Rate and Mining Difficulty Reach New Peaks Amid Rising Miner Holdings

September 12, 2025

Following a strong price rally that pushed Bitcoin to a two-week high, the network’s hash rate and mining difficulty have...

News

Mining

Malaysia’s Crypto Mining Boom: Legal vs Illegal Operations

June 9, 2025
Business

Nasdaq Pushes for Blockchain Integration in U.S. Markets

September 8, 2025
Coins

Pepe Coin Explained: From Meme to Market Mania

June 29, 2025
Reviews

PENGU Coin: From NFT Hype to Utility Powerhouse

August 31, 2025
Asset 1CryptoNow
Categories
  • AI
  • Blockchain
  • Business
  • Coins
  • Finance
  • Interesting
  • Market
  • Mining
  • News
  • Regulation
  • Reviews
  • Technology
Tags
AI AI Browser Altcoin Android Binance Binance Coin Bitcoin blockchain BONK BTC Chainlink ChatGPT Circle Coinbase Coindesk crypto Cryptocurrency Crypto exchange DOGE Dogecoin ETF ETH Ethereum Google Halving MARA Memecoin Meta Mining Mobile OpenAI pengu Pepecoin pi coin pi network RIOT Ripple Samsung SHIB Shiba Shiba Inu Solana Stablecoin technology XRP
  • Newsletter
  • Contact Us
No Result
View All Result
  • Home
  • Technology
  • Market
  • Coins
  • News
  • Mining
  • Technology
  • Blockchain

CryptoNow.