Terra Luna Classic Burns 726 Million USTC, LUNC And USTC Prices Experience An Increase
JAKARTA - The Terra Luna Classic (LUNC) community has burned more than 726 million USTC through contract migration of Anchor Protocol. The move comes after the 12135 proposal was approved by the majority of the LUNC community, although the process is quite tight with varying percentage of votes between validators and delegators.
The burn is expected to bring significant changes to the Terra Luna Classic ecosystem, especially after Terraform Labs (TFL) was ordered to halt operations by the US bankruptcy court.
This proposal was approved with support of 27.23% of the votes from the community, with nearly 25% of the validators voting Yes' and 48% of the others opting for abstain, including the Allnodes validator. However, support from the delegators is very strong, with 92% of them supporting the burning of these tokens.
Even so, the migration of the same contract in the Mirror Protocol failed to burn 46 million USTC, and currently an investigation is being carried out by developers to find out the cause of the failure. A new proposal has been put forward to re-try this failed burning process.
Quoted from Coingape, CEO of Terraform Labs, Chris Amani, stated that all Terra Luna Classic assets owned by TFL must be burned according to the court's decision. TFL is also certain that it will no longer interact with the Columbus-5 or Phoenix-1 network after October 31. This indicates that the burning or transfer of tokens will be increasingly difficult after the deadline.
This news sparked a price spike in the Terra Luna Classic ecosystem. The price of LUNC has risen 2% in the last 24 hours, currently trading in the range of 0.000858 US Dollars (around Rp1.30). Although price increases occur, trading volume is still low amid the pressure the crypto market is experiencing in general.
On the other hand, USTC prices also increased 2%, with current prices hitting 0.01798 US Dollars (approximately IDR273), although trading volume fell 37% in the same period.