The Terra Luna Classic community has passed a significant proposal, urging cryptocurrency exchange Binance to incorporate the burning of USTC (Terra Classic’s stablecoin) alongside LUNC (Terra Classic’s native token) in its burn mechanism.
This move is seen as a potential solution to expedite the USTC repegging efforts and boost the value of LUNC. However, it raises questions about whether Binance will support the Terra Luna Classic community in their goal to repeg USTC to $1, especially in light of the ongoing legal battle between Binance and the U.S. SEC.
Terra Luna Classic’s Proposal 11785: “Asking Binance to Start Burning USTC”
The Terra Luna Classic community has officially approved Proposal 11785, which calls on Binance to initiate the burning of USTC. While the voter turnout from validators remains relatively low, with some abstentions, the proposal garnered 42.85% “Yes” votes, signifying support from the Terra Luna Classic community.
It also received 9.62% “No” votes and 0.14% “No with veto” votes. Abstentions accounted for 47.39% of the votes, primarily due to top validator Allnodes’ decision to abstain.
Of the 19 validators in favor of the proposal, notable names include HappyCattyCrypto, 1maxfee, JESUSisLORD, StakeBin, and Lunanauts. On the other hand, four validators, including TMOM, opposed the proposal.
Terra Luna Community’s Objective: Monthly USTC Burning by Binance
The community’s primary goal is to urge Binance to commence monthly burning of USTC. The community aims to add USTC to this burning process, allocating the remaining 50% to USTC.
Should Binance agree to burn USTC, it could significantly aid the Terra Luna Classic community in their efforts to repeg USTC to $1.
Market Performance of LUNC and USTC
Both LUNC and USTC have faced downward price pressure due to recent market selloffs. Despite investor interest in buying the dip, these tokens have yet to show significant upward momentum.
As of now, LUNC is trading at $0.000056, reflecting a 2% decline in the past 24 hours, with a daily low and high of $0.0000568 and $0.0000580, respectively. Meanwhile, USTC’s price has experienced a 1% decline in the last 24 hours, with the current price at $0.012, accompanied by a 22% decrease in trading volume.
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