Terra Luna Classic Community Proposes 12B LUNC and 68M USTC Burn
- Anchor bLuna rewards and Lido rewards dispatcher contracts would be used to burn 12B LUNC.
- The intended burn of these tokens will shortly be put to a vote by the governance.
In order to deplete the supply, the Terra Luna Classic community proposes to burn 12 billion LUNC and 68 million USTC in contracts. Which include the Lido DAO rewards dispatcher. As part of the effort to revive and repeg to $1. The community has begun withdrawing LUNC and USTC from circulation.
After the recent burn tax, which saw 8.34 billion total fees accumulated in a single day, this is the second highest burn from the circulating supply, after 7 billion LUNC.
Proposal to Undergo Voting
Anchor bLuna rewards and Lido rewards dispatcher contracts would be used to burn 12 billion LUNC, according to a proposal. The updates will also be reflected on CoinGecko and CoinMarketCap. The contracts now belong to the Terra Luna Classic community since the contract owner has nullified them.
Due to a proposal made by the Lido DAO on June 22, 2022, rendering all Lido contracts on Terra Classic non-upgradable and their ownership null and void, these funds are locked.
The intended burn of these tokens will shortly be put to a vote by the governance. In order to get the communitys agreement. As time goes on, the developers of Terra Luna Classic will also take out additional LUNC and USTC that are going to be burnt. As part of the Terra Shuttle Bridge (BSC) contract, the community withdrew 87 million USTC and 93 million LUNC from circulation.
The community is anticipating a rebound over $0.0001 in the LUNC price due to the following factors. The LUNC burn on Binance, the LUNC and USTC burns on Terraform Labs, and the deployment of Tax2Gas in July.
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Read more: https://thenewscrypto.com/terra-luna-classic-community-proposes-12b-lunc-and-68m-ustc-burn/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
