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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/terra-luna-classic-community-sanctions-major-ustc-token-burn" rel="noopener noreferrer nofollow">Terra Luna Classic Community Sanctions Major USTC Token Burn</a><br></p>
<p style="text-align: justify">The Terra Luna Classic community has recently sanctioned a significant token burn, involving the destruction of 800 million USTC, valued around $32 million. This decision was made following a proposal that advocated for the burn, which witnessed considerable backing from community members. The initiative is aimed at reducing the available supply of USTC in a proactive effort to manage the tokenomics of the digital currency.</p>
<h2 id="community-backs-token-burn-with-strong-voting-outcome">Community Backs Token Burn with Strong Voting Outcome</h2>
<p style="text-align: justify">During the voting process, 41% of participants supported the burn, with 33% abstaining and 25% opposing. The majority support included a nod from Allnodes, a top validator, which played a key role in approving the burn. The community’s affirmative vote will allow the USTC tokens to be moved from a multisig wallet to be effectively eliminated from circulation.</p>
<p style="text-align: justify">The implementation of the burn will be carried out through a technical procedure that does not alter the blockchain’s state. This method ensures efficiency and <a href="https://en.bitcoinhaber.net/bitcoin-atm-security-flaw-patched-after-white-hat-hackers-discovery" rel="noopener noreferrer nofollow">security</a>, as confirmed by a former L1 Task Force developer. The anticipation and subsequent approval of the token burn led to a remarkable surge in USTC’s price, jumping 25%, and a trading volume increase of over 400%. This price spike has restored investor confidence in USTC’s market performance.</p>
<h2 id="lunc-sees-trading-boost-following-ustc-burn-proposal">LUNC Sees Trading Boost Following USTC Burn Proposal</h2>
<p style="text-align: justify">Furthermore, the native token of Terra Luna Classic, LUNC, also benefited from a price uplift, albeit a modest 2%. The trading volume for LUNC soared by 200%, indicating an influx of trader interest and the initiation of new long positions. Market analysts predict that sustaining the current support level could lead LUNC to break the $0.00014 resistance, potentially aiming for $0.0002, signaling further growth opportunities.</p>
<p style="text-align: justify">The community’s collective decision to reduce the USTC supply through burning is a strategic move designed to foster stability and growth within the Terra Luna Classic ecosystem. The immediate market response serves as a testament to the potential impact of such tokenomic interventions.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/terra-luna-classic-community-sanctions-major-ustc-token-burn" rel="noopener noreferrer nofollow">Terra Luna Classic Community Sanctions Major USTC Token Burn</a></h5>

Terra Luna Classic Community Sanctions Major USTC Token Burn

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