Terra Luna Classic’s 800 Million USTC Burn Sparks Excitement

Terra Luna Classic, the growing crypto community, has made waves with its endorsement of a substantial proposal: the burning of 800 million USTC tokens. This development has stirred excitement in the crypto sphere, encouraging traders to raise their bids.

A Tight Vote

A key figure within the community, known as Vegas, has spearheaded the proposal to blacklist and freeze a specific wallet containing these tokens. This wallet, labeled as “TERRA1QYW695VAXJ7JL6S4U564C6XKFE59KERCG0H88W,” has taken the spotlight. During the voting process, a prominent validator, Allnodes, supported the proposal with a favorable vote.

The final vote count revealed that 54.07% supported the proposal, while 30.51% opposed it. Notably, some validators, such as Hexxagon and LuncLive, remained neutral. This indecisiveness highlights the community’s uncertainties. The decision to freeze the wallet could potentially delay the token burn, which carries significant implications for the Terra Luna Classic ecosystem.

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Support for the Token Burn

Previously, the community had given the green light to burn 800 million USTC tokens. However, efforts to negotiate with the wallet owners for a fund transfer or direct burn came to a standstill. With the recent vote, the L1 development team is prepared to initiate the blacklisting process.

It’s worth noting Terra Luna Classic’s impressive track record. The community celebrated a new landmark four days ago: a staggering burn of 76 billion LUNC tokens. This initiative is a testament to their commitment to reducing the LUNC’s circulating supply.

How Does Binance Come Into the Picture?

The renowned crypto platform, Binance, played a significant role in this achievement by contributing to over half of the total LUNC tokens burned. Currently, the circulating supply of LUNC tokens stands at a substantial 5.80 trillion out of 6.83 trillion.

The ongoing objective is to enhance the utility of LUNC tokens, thereby speeding up the rate of token burn. The community commits to a weekly average burn of 400 million LUNC tokens.

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The dedication of crypto exchanges, validators, and community members is evident. Binance, in its recent endeavor, burned over 1 billion LUNC tokens in a single batch.