Terra Luna Classic To Burn 800 Million Tokens, LUNC And USTC To $1?

Terra Luna Classic 800 Million USTC On Ozone Protocol Chain

Ex-Terra Rebels developer group member Vegas submitted a governance proposal to the Commonwealth forum for discussion. He asserts 800 million USTC on-chain funds to be returned to the Terra Luna Classic community pool as the Ozone Protocol project is not actively following the proposed development plan.

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“To facilitate this, we ask the community fund to support us and underwrite Ozone indefinitely, unless a counter-proposal is passed to remove the said underwriting funds.”

According to the proposal, the Ozone protocol was initially proposed by Terra co-founder Do Kwon and bootstrapped using funds from the community pool. The Ozone V1 and Ozone V2 saw high demand for their underwriting capacity. However, the Risk Harbor team has not utilized 1 billion UST (now USTC) fully as intended. Thus, the funds should return to the community pool.

Alex Forshaw, former Terra Rebels and Terra Classic Revival Roadmap co-author, said it’s best to burn idle USTC than sending to the community pool. He argues validators and stakers will take it and dump it, which USTC team’s work. However, burning these USTC will strengthen the repeg narrative, or else the community can burn part of it and send some to the community pool.

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Read More: Terra Luna Classic Proposal To Improve Governance And Decentralization

LUNC and USTC Price to $1?

The Terra Luna Classic community is committed to maintaining the $1 narrative. The USTC repeg and LUNC developments are slowly picking pace as developers revealed plans to bring significant changes to the chain.

LUNC price fell 2% in the past 24 hours, with the price currently trading at $0.000081. The 24-hour low and high are $0.0000807 and $0.0000834, respectively.

Meanwhile, USTC price trades at $0.01613, up over 1% in the past 24 hours and 30% in a month. The trading volume has increased by 50% in the 24hrs.

Also Read:

  • US Fed Rate ‘Hike And Pause’ Price In: Bitcoin, Ethereum, XRP, DOGE Set For Rally
  • Big Day For Crypto After XRP Ruling: US House Votes On Multiple Digital Asset Bills; FOMC
  • Cathie Wood’s Ark Invest Sells Coinbase And Tesla Shares Amid Earnings Report

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