- LUNC posts slight monthly gains as several key proposals activate.
- Terra Classic community suspended $USTC minting, seeking burns.
- Binance now accounts for over 38 billion destroyed Terra Classic.
The latest cryptocurrency burning ceremony by the globally leading crypto exchange Binance takes over 1 billion Terra Luna Classic (LUNC) tokens out of circulation. Binance has been known to be a top contributor to Terra Classic’s ongoing revitalization crusade.
However, the vast majority of Terra Classic members have also voted for the crypto behemoth to start doing the same with $USTC. Terra Classic fans anticipate a breakthrough, following a successful vote to suspend the minting & re-minting of $USTC.
LUNC Community Looking For Ways To Increase Fire
In the recently passed proposal #11785, community members almost unanimously voted in favor of requesting Binance to burn 50% of trading fees accumulated from $USTC trades – the same burn method that’s used to destroy sister token Terra Luna Classic (LUNC) in monthly batches.
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Ultimately, this could boost the market price of the malfunctioning $USTC with the end goal of proposal #11785 aiming to re-peg $USTC back to $1 USD. The original peg was lost last year, when $LUNA & $UST crumbled to pieces in a matter of days, leaving crypto investors appalled.
While the 2022 Terra Luna fiasco is being looked into by the U.S. Securities and Exchange Commission (SEC), South Korean Special Task Force & Singapore authorities, the community took it upon themselves to revitalize the embattled blockchain. Besides Binance accounting for 55% burns at the moment, prominent Terra Classic on-chain validators are also making an effort to reduce the supply of both tokens.
To illustrate, the veteran Terra chain validator SolidVote declared that they would start burning $USTC tomorrow, a day after the $USTC burning proposal was officially approved. Previously, the community also set fire to 800 million $USTC tokens, which were allocated to the Ozone Protocol by the notorious TerraForm Labs co-founder Do Kwon.
On the Flipside
- While $USTC minting is now suspended, Terra Classic members have previously suggested a hard cap on $LUNC.
- However, the Terra Classic community is divided into two camps, claiming that putting $LUNC on a max supply is programmatically hard to deliver.
Why This Matters
Terra Classic chain is still used by a vast & active community, which continues to make decisions in a democratic way via governance proposals.
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