Terra Luna Classic To Burn 1 Billion USTC & 275 Billion LUNC?

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As a seasoned analyst with years of experience navigating the volatile and intricate world of cryptocurrencies, I find myself closely watching the developments within the Terra Luna Classic community. The anticipation for the potential USTC and LUNC burn by Terraform Labs (TFL) is palpable, and while the exact numbers remain uncertain, the claims of over 1 billion USTC and 275 billion LUNC tokens being burned are certainly eye-catching.

As a researcher, I eagerly anticipate the significant burn of USTC and LUNC tokens within the Terra Luna Classic community, as directed by Terraform Labs (TFL) in accordance with Chapter 11 bankruptcy proceedings and a court order stemming from the U.S. SEC case. The exact number of Terra ecosystem tokens destined for destruction remains ambiguous, but devoted members of the Terra Classic community are optimistic that it will surpass 1 billion USTC and 275 billion LUNC tokens.

Terra Luna Classic Community Prepares For USTC & LUNC Burn

On September 9, validator HappyCattyCrypto shared on X-post his findings regarding the estimated number of tokens that may be destroyed from Terra Luna Classic (TFL). He stated that the potential destruction could amount to over 1 billion USTC and approximately 275 billion LUNC tokens due to Chapter 11 bankruptcy proceedings.

As an analyst, I’ve observed a significant milestone in the LUNC market: more than 2.58 billion LUNC have been claimed following the reopening of the shuttle bridge by Transport for London (TFL). This information is based on transaction data from Terra Finder.

Furthermore, the validator recommended that the community transition the codes for Mirror Protocol and Anchor Protocol using a governance process akin to Risk Harbor. It’s important to note that the funds linked with Mirror Protocol and Anchor Protocol are native assets of the Columbus-5 network, specifically USTC (Columbus-5 UST) and LUNC (Columbus-5 LUNA).

According to Chris Amani’s declaration and as mandated by the court ruling, all Terra Luna Classic assets are to be destroyed. Following October 31st, Terra Luna Foundation (TFL) will cease interactions with both the Columbus-5 and Phoenix-1 chains. Any token destruction or transfer after the court-sanctioned date may prove challenging.

According to Terra Money, when Transport for London (TFL) ends its activities, Proposal 4818 will mark our last chain upgrade. Since TFL has reached a settlement with the SEC and is following through on its Chapter 11 plan, it will no longer be capable of supporting any future chain upgrades in the future.

According to a recent update on the Commonwealth platform, a grand total of 480,404,166 LUNC tokens will be incinerated through Mirror Protocol. Moreover, an additional 46,556,271 USTC and 729,976,293 USTC could potentially be destroyed from the Mirror Protocol and Anchor Protocol respectively.

LUNC and USTC Prices Performance

In simpler terms, the LUNC and USTC tokens within the Terra Luna Classic ecosystem are seeing a recovery following a positive shift in crypto community sentiment. This upward trend has been further fueled by Genuine Labs’ announcement that they will soon implement the Tax2Gas upgrade on the blockchain after some tests have been completed.

LUNC price climbed 5% from the 24-hour low, with the price currently trading at $0.00007537. The 24-hour low and high are $0.00007543 and $0.00007906, respectively. The trading volume has also increased by 27% in the last 24 hours.

Currently, USTC is trading at $0.01593, marking a 10% increase over the past week. Its lowest point in the last 24 hours was $0.01532, while it peaked at $0.01593. Notably, there was an 8% decrease in trading volume during this same period.

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2024-09-09 12:36