The Terra Classic community remains dedicated to bringing LUNC and TerraClassicUSD (USTC) to $1 as two proposals seeking to return and burn 800 million USTC recently passed. The Terra Classic (LUNC) community has passed two crucial proposals as they move towards re-pegging the TerraClassicUSD (USTC) stablecoin. These proposals aim to return 800 million USTC to […] The post Terra Classic Pushes to Bring LUNC and USTC to $1 as Proposals to Burn 800M USTC Pass first appeared on The Crypto Basic.

Terra Classic Pushes to Bring LUNC and USTC to $1 as Proposals to Burn 800M USTC Pass

The Terra Classic community remains dedicated to bringing LUNC and TerraClassicUSD (USTC) to $1 as two proposals seeking to return and burn 800 million USTC recently passed.

The Terra Classic (LUNC) community has passed two crucial proposals as they move towards re-pegging the TerraClassicUSD (USTC) stablecoin. These proposals aim to return 800 million USTC to the community pool and burn the tokens to reduce the extensive USTC supply.

The USTC Proposals

A prominent LUNC community member, Vegas, submitted the  first proposal , “Proposal 11658,” on July 30. It advocated the return of on-chain funds to the Terra Classic community pool. 

The specific multi-sig address in question holds a substantial amount of 800 million USTC. The Terra ecosystem initially earmarked the funds for underwriting capacity for the Ozone Protocol in March. However, they were not fully utilized as intended due to deviations from the proposed development plan.

The proposal aimed to channel the funds back to the Terra Classic community pool. The LUNC community has passed this proposal with a 70% vote of confidence.

The momentum didn’t stop there, as the  second proposal

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