Terra Classic

<ul><li>The community behind Terra Luna Classic has approved a proposal to burn 800 million USTC.</li><li>The tokens allotted for burning were initially meant for the Ozone Protocol.</li><li>The move to Burn was in response to an earlier proposal that aimed to disburse the funds to the community.</li></ul>The community behind Terra Luna Classic recently <a href="https://commonwealth.im/terra-classic/proposal/11710-directly-burn-the-800million-ustc" rel="noopener noreferrer nofollow">approved</a> a proposal to burn a whopping 800 million TerraClassicUSD (USTC). The tokens allotted for burning were initially earmarked for the Ozone Protocol. The burn proposal came just weeks after a previous one that sought to return the tokens in question to the community pool.According to Terra’s governance forum, Proposal #11710 sought to directly burn the 800 million USTC by sending them to a designated burn address. The community approved the proposal with an overwhelming majority, having virtually no opposition. The proposal didn’t face any abstentions but did get two veto votes.The prices of the tokens associated with Terra witnessed a considerable hike following the approval of proposal #11710. TerraClassicUSD (<a href="https://coinmarketcap.com/currencies/terrausd/" rel="noopener noreferrer nofollow">USTC</a>) gained more than 8% in the hours following the approval. Additionally, the token’s daily trading volume surged by 28% to $15.5 million. Meanwhile, Terra Classic (<a href="https://coinmarketcap.com/currencies/terra-luna/" rel="noopener noreferrer nofollow">LUNC</a>) hiked by 2.7%.The burn would initiate once the signatories of the Ozone Reserve Wallet send the allotted USTC to the Terra Luna Classic burn address. Proposal 11710 was in response to a previous proposal, #11658, that sought to return the 800 million USTC from the Ozone Wallet reserve to the Terra Luna Classic community.Read full article at<a href="https://cryptotale.org/terra-community-approves-proposal-to-burn-800-million-ustc/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

Terra Community Approves Proposal To Burn 800 Million USTC

CryptoTale

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