Rally

Burn

Terra Classic

Terra

<p>The post <a href="https://coinpedia.org/news/ustc-records-a-25-rally-following-800m-burn-proposal-approval/">USTC Soars 25% After Community Approves Historic 800 Million Burn Proposal</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The <a href="https://coinpedia.org/price-prediction/terra-classic-lunc-price-prediction/">Terra Luna Classic (LUNC) </a>community has witnessed a significant development as Proposal 12073, aiming to burn 800 million USTC through Contract Migration, has been officially approved after a period of intense debate.&nbsp;</p> 
<p>The decision to greenlight Proposal 12073 has set off a whirlwind in the market, with the USTC price experiencing a remarkable 25% surge, catapulting it to $0.04055. However, the jubilation was short-lived as the price retraced slightly in the subsequent hours, currently hovering at $0.0356.</p> 
<h2 class="wp-block-heading" id="h-800m-ustc-burn-proposal-passed">800M USTC Burn Proposal Passed</h2> 
<p>Despite its <a href="https://coinpedia.org/news/terra-luna-classics-road-to-800-million-ustc-burn-nears-completion/">initial rejection</a>, Proposal 12073, has now achieved a resounding success as it crossed the “pass threshold.” The proposal, titled “Burn 800M USTC through Contract Migration,” gained approval for the burn from the Risk Harbor multisig wallet, unlocking nearly $32 million worth of value.&nbsp;</p> 
<p>The Terra Classic community actively participated in the voting process, with 41.44% voting “Yes,” 32% choosing “Abstain,” 18% expressing “No,” and 8% casting “No with veto” votes. Out of the 58 validators involved, 42 supported the proposal, 11 abstained, and 5 opposed it.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">BREAKING <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <br><br>Allnodes VOTES ABSTAIN to prop 12073<br><br>We need all the YES votes we can get from all the other validators who have not voted yet. LETS BURN 800M <a href="https://twitter.com/hashtag/USTC?src=hash&amp;ref_src=twsrc%5Etfw">#USTC</a> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/frag_dude?ref_src=twsrc%5Etfw">@frag_dude</a> <a href="https://twitter.com/VegasMorph?ref_src=twsrc%5Etfw">@VegasMorph</a> <a href="https://twitter.com/MrDiamondhandz1?ref_src=twsrc%5Etfw">@MrDiamondhandz1</a> <a href="https://twitter.com/RexYellerBelly?ref_src=twsrc%5Etfw">@RexYellerBelly</a> <a href="https://twitter.com/terraworld?ref_src=twsrc%5Etfw">@TerraWorld</a> <a href="https://twitter.com/hashtag/LUNC?src=hash&amp;ref_src=twsrc%5Etfw">#LUNC</a> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2728.png" alt="✨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/HaileyLUNC?src=hash&amp;ref_src=twsrc%5Etfw">#HaileyLUNC</a> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2728.png" alt="✨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/USTC?src=hash&amp;ref_src=twsrc%5Etfw">#USTC</a> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2728.png" alt="✨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/9FndCpPhhZ">pic.twitter.com/9FndCpPhhZ</a></p>— Engin Yildiz (@engin301980) <a href="https://twitter.com/engin301980/status/1761982959068893395?ref_src=twsrc%5Etfw">February 26, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>A notable highlight was the decision of top validator Allnodes to “Abstain,” allowing the community to move forward with the planned 800 million LUNC burn.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/terra-classic-lunc-price-rally-with-1m-lunc-deposit/">Terra Classic (LUNC) Price Surges 2% on Governance Upgrade, Eyes Breakout</a></p> 
<h2 class="wp-block-heading" id="h-what-are-the-next-steps">What are the Next Steps?</h2> 
<p>With Proposal 12073’s approval, the community gears up to initiate the burn of 800 million USTC from the Risk Harbor multisig wallet. This involves a secure code migration process, ensuring a smooth transfer to a new code version while keeping the blockchain’s fundamental structure intact. Developer Fragwuerdig assures that this approach maintains the blockchain’s integrity.</p> 
<h2 class="wp-block-heading" id="h-market-dynamics-amp-price-adjustments">Market Dynamics &amp; Price Adjustments</h2> 
<p>Post the community’s decision, the USTC price experienced a thrilling surge, but it has slightly adjusted to $0.0356 in the hours that followed. This movement has sparked optimism for reclaiming December’s $0.060 level.</p> 
<p>Read More: <a href="https://coinpedia.org/news/terra-luna-classic-major-move-the-impact-of-osmosis-fork-on-lunc-and-ustc-prices/">Terra Luna Classic Major Move: The Impact of Osmosis Fork on LUNC and USTC Prices</a></p> 
<p>Beyond USTC, the LUNC token observed a 2% uptick in the past 24 hours, now trading at $0.000124.</p>

USTC Soars 25% After Community Approves Historic 800 Million Burn Proposal

Table of Contents

CoinPedia News

Other articles published on Feb 26, 2024

Top Altcoins Show Strong Growth Potential in Crypto Market

Horizon Protocol Partners with Phoenix AlphaNet to Create the First AI-Enabled DEX

Blasted By Deception: Layer 2 Project Suffers 500 ETH Rug Pull Onslaught

Blockchain game Shrapnel to permaban users found playing the system

Dogecoin And Shiba Inu Face Rising Bearish Threats: Crucial On-Chain Metrics Indicate Next Price ...

Ripple vs SEC Settlement Under Threat? Kraken’s Legal Move Complicates XRP Lawsuit

Join our free newsletter for daily crypto updates!