{"id":216296,"date":"2023-12-20T19:58:31","date_gmt":"2023-12-20T14:28:31","guid":{"rendered":"https:\/\/dripp.zone\/news\/major-terra-luna-classic-lunc-proposal-in-governance-voting-stage-crypto-news\/"},"modified":"2023-12-20T19:58:34","modified_gmt":"2023-12-20T14:28:34","slug":"major-terra-luna-classic-lunc-proposal-in-governance-voting-stage-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/major-terra-luna-classic-lunc-proposal-in-governance-voting-stage-crypto-news\/","title":{"rendered":"Major Terra Luna Classic (LUNC) Proposal In Governance Voting Stage – Crypto News"},"content":{"rendered":"

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The Terra Luna Classic community\u2019s narrative to burn 800 million USTC is again making a buzz. A \u2018legally absolved route\u2019 to burn 800 million USTC is now up for governance voting after the community turned down an earlier proposal to burn these through an update to Terrad client. Traders responded immediately to the announcement.<\/p>\n

Terra Luna Classic Community To Burn 800 Million USTC<\/h2>\n

Terra Luna Classic validator Lunanauts expressed concerns about the legal repercussions of an earlier proposal 11913<\/a>, which was rejected by the community.<\/p>\n

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Proposal 11927 \u201cBurn of 800m USTC Funds<\/strong>\u201d is up for voting on the Station wallet. The proposal aims to burn the 800 million USTC still in the Risk Harbor multisig wallet via a contract.<\/p>\n

As the Terra Luna Classic community was notified that Risk Harbor lost the keys and has agreed to blacklist the wallet, 800 million burn is crucial for the community. Thus, the community plans to burn instead as no fund recovery via the wallet owners is possible and blacklisting serves no purpose anymore.<\/p>\n

Core developer needs to create a contract with a sole MsgSend to transfer all holdings to burn address. The multisig contract is then migrated via governance to that code id. It eliminates the need for validators to install any code, minimizing legal implications.<\/p>\n

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Read More: Terra Luna Classic Proposes To Burn All USTC In Community Pool, Reversal Ahead?<\/a><\/strong><\/p>\n

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The proposal has received 96% \u201cYes\u201d votes during the initial voting, along with some \u201cNo with veto\u201d and \u201cAbstain\u201d votes. A few validators have already favored the proposal, but top validators are yet vote. The voting deadline is December 27.<\/p>\n

LUNC price<\/a>\u00a0fell 3% in the past 24 hours, with the price currently trading at $0.000155. The 24-hour low and high are $0.000150 and $0.000173, respectively. However, trading volume has increased 141% in the last 24 hours.<\/p>\n

Meanwhile,\u00a0USTC price<\/a>\u00a0trades at $0.0334, down 6% in the last 24 hours. The price fell 15% last week. The 24-hour low and high are $0.0336 and $0.0365, respectively.<\/p>\n

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