{"id":219118,"date":"2023-12-26T20:39:03","date_gmt":"2023-12-26T15:09:03","guid":{"rendered":"https:\/\/dripp.zone\/news\/terra-luna-classic-community-turns-down-major-burn-proposal-crypto-news\/"},"modified":"2023-12-26T20:39:06","modified_gmt":"2023-12-26T15:09:06","slug":"terra-luna-classic-community-turns-down-major-burn-proposal-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/terra-luna-classic-community-turns-down-major-burn-proposal-crypto-news\/","title":{"rendered":"Terra Luna Classic Community Turns Down Major Burn Proposal &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Terra Luna Classic community has turned down another proposal targeting 800 million USTC burn, with a lack of consensus between community members, including validators. However, top validators haven\u2019t voted yet on the proposal despite less than 24 hours left for the governance voting.<\/p>\n<h2>Terra Luna Classic Proposal For 800 Million USTC Burn<\/h2>\n<p>Proposal 11927 \u201c<strong>Burn of 800m USTC Funds<\/strong>\u201d is near rejection by the Terra Luna Classic community, with the voting deadline ending on Dec 27. The proposal aims to burn the 800 million USTC still in the Risk Harbor multisig wallet via a contract, a legally \u2018legally absolved route\u2019.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p>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<p>The core developer L1TF 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<p>The proposal has received only 30% \u201cYes\u201d votes until now, with 11% \u201cNo\u201d and 15% \u201cNo with veto\u201d votes. Most members and validators voted \u201cAbstain\u201d \u201444%. However, top validators such as Allnodes, Orion, Interstake One, and Stakely are yet to vote.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p>Among 41 validators who participated, 22 voted \u201cYes\u201d and 14 voted \u201cAbstain\u201d, with 5 validators against the proposal.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p><strong>Also Read: <a rel=\"nofollow noopener\" target=\"_blank\" title=\"Bitcoin Price Risks Falling To $40,000 If It Breaks Below This Level\" href=\"https:\/\/coingape.com\/bitcoin-price-risks-falling-to-40000-if-it-breaks-below-this-level\/\">Bitcoin Price Risks Falling To $40,000 If It Breaks Below This Level<\/a><\/strong><\/p>\n<h2>LUNC and USTC Under Pressure<\/h2>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/price\/terra-luna-classic\/\">LUNC price<\/a> fell 3% in the past 24 hours, with the price currently trading at $0.000155. The 24-hour low and high are $0.000150 and $0.000161, respectively. Moreover, trading volume has decreased by 3% in the last 24 hours.<\/p>\n<p>Meanwhile,\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/price\/terraclassicusd\">USTC price<\/a> trades at $0.0349, down 1% in the last 24 hours. The price mostly moved sideways in a week. The 24-hour low and high are $0.0345 and $0.0362, respectively.<\/p>\n<p><strong>Also Read: <a rel=\"nofollow noopener\" target=\"_blank\" title=\"Crypto Market Selloff: Why Bitcoin, ETH, SOL, XRP And Other Crypto Fell Suddenly\" href=\"https:\/\/coingape.com\/crypto-market-selloff-why-bitcoin-eth-sol-xrp-and-other-crypto-fell-suddenly\/\">Crypto Market Selloff\u2014Why Bitcoin, ETH, SOL, XRP And Other Crypto Fell Suddenly<\/a><\/strong><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<div class=\"m-on mobiless\">\n<div id=\"social-section-new\">\n<p>\u2713 Share:<\/p>\n<p>                                  <a rel=\"nofollow noopener\" target=\"_blank\" class=\"social-text_new wp_new\" href=\"https:\/\/api.whatsapp.com\/send?text=https:\/\/coingape.com\/terra-luna-classic-community-turns-down-major-burn-proposal\/\" style=\"display: block\">  <i class=\"fa fa-whatsapp\"\/><\/a><\/p>\n<div>\n                                <a rel=\"nofollow noopener\" target=\"_blank\" class=\"social-text_new tw_new_logo\" href=\"https:\/\/twitter.com\/intent\/tweet?text=https:\/\/coingape.com\/terra-luna-classic-community-turns-down-major-burn-proposal\/\"><br \/>\n  <noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\" class=\"mb-1\" alt=\"coingape\" width=\"30\" height=\"30\"\/><\/noscript><br \/>\n<\/a>\n                                <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>          <!-- \n\n<div class=\"m-on pl-2 pr-2\">\n            \n\n<div class=\"row\">\n            \n\n<div class=\"col-6 pr-2\">\n         \n\n<div class=\"Borderboxies_2 mb-3  fullmobx\">\n             \n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/top-7-crypto-marketing-firms-of-the-year\/?utm_source=abovesidebartabnews&utm_medium=organicarticle\">\n            \n\n<div class=\"SponserdyWebimg_2\"><img loading=\"lazy\" width=\"834\" height=\"833\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\"http:\/\/www.w3.org\/2000\/svg\"%20viewBox='0%200%20834%20833'%3E%3C\/svg%3E\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" decoding=\"async\" data-lazy-src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2022\/12\/15175104\/top_crypto_marketing_agencies.jpg\" ><noscript><img loading=\"lazy\" width=\"834\" height=\"833\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2022\/12\/15175104\/top_crypto_marketing_agencies.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" decoding=\"async\" ><\/noscript><\/div>\n\n\n                \n\n<div class=\"Sponserdtent_2 mt-2\">Top Crypto Marketing Firms \/ Agencies 2023; Here\u2019s Best Picks [Updated]\n <\/div>\n\n\n            <\/a>\n          \n            <\/div>\n\n\n            <\/div>\n\n\n                  \n\n<div class=\"col-6 pl-2\">\n                 \n\n<div class=\"Borderboxies_2 mb-3  fullmobx\">\n             \n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/top-10-web-3-games-to-explore-in-2023-here-list\/?utm_source=priceanalysisbar&utm_medium=organicarticle\">\n            \n\n<div class=\"SponserdyWebimg_2\"><img loading=\"lazy\" width=\"834\" height=\"833\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\"http:\/\/www.w3.org\/2000\/svg\"%20viewBox='0%200%20834%20833'%3E%3C\/svg%3E\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" decoding=\"async\" data-lazy-src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2022\/12\/23134356\/jpg_20221223_134223_0000.jpg\" ><noscript><img loading=\"lazy\" width=\"834\" height=\"833\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2022\/12\/23134356\/jpg_20221223_134223_0000.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" decoding=\"async\" ><\/noscript><\/div>\n\n\n                \n\n<div class=\"Sponserdtent_2 mt-2\">Top 10 Web3 Games To Explore In 2023; Here List\n <\/div>\n\n\n            <\/a>\n          \n            <\/div>\n\n\n            <\/div>\n\n\n                <\/div>\n\n\n        <\/div>\n\n                    --><\/p>\n<div class=\"TabDicA\">\n<div class=\"TBAcon \">\n<div class=\"authorFlip tabcS\" id=\"TabA171194\">\n<div class=\"authorBox\">\n<div class=\"author_Name\">\n<!--\n                                      \n\n<div class=\"getAuthoname\">\n                                          \n                                                                                 \n                                       <\/div>\n\n \n--><\/p>\n<p>Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. 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src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Terra Luna Classic community has turned down another proposal targeting 800 million USTC burn, with a lack of consensus between community members, including validators. However, top validators haven\u2019t voted yet on the proposal despite less than 24 hours left for the governance voting. Terra Luna Classic Proposal For 800 Million USTC Burn Proposal 11927 \u201cBurn [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":219119,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[188,183,185,186,187,184,189,150,182,190],"class_list":["post-219118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-blockchain-tech","tag-blockchain-technology","tag-crypto-technology","tag-cryptocurrency-technology","tag-metaverse-technology","tag-nft-technology","tag-soul-bound-token","tag-tech","tag-technology","tag-token-technology"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/219118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=219118"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/219118\/revisions"}],"predecessor-version":[{"id":219120,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/219118\/revisions\/219120"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/219119"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=219118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=219118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=219118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}