LUNC News: Terra Luna Classic Burns 726 Million USTC From Anchor Protocol

As a seasoned researcher who has been closely following the Terra Luna Classic (LUNC) ecosystem for quite some time now, I must say that this recent development of over 726 million USTC burns is indeed a significant step towards the community’s goals. The approval of proposal 12135 and the subsequent token burn through Anchor Protocol contract migration marks a turning point in the Terra Luna Classic journey.


Latest Update on LUNC: More than 726 million USTC have been destroyed following the approval of proposal 12135 by the Terra Luna Classic community. This destruction occurred through the burning of tokens within Anchor Protocol, facilitated by a contract migration. With Terraform Labs (TFL) given permission to cease operations by a US bankruptcy court, the community anticipates vast amounts of LUNC and USTC being destroyed from related projects in the near future.

LUNC News: Over 726 Million USTC Burned After Proposal Passes

Today, a significant development for the LUNC community: Over 726 million USTC were destroyed via the migration of Anchor Protocol’s contract. This destruction was made possible after the community voted on proposal 12135 to eliminate tokens held in wallets linked to Anchor Protocol, which is owned by Terraform Labs.

LUNC News: Terra Luna Classic Burns 726 Million USTC From Anchor Protocol

The Terra Luna Classic community narrowly approved the proposition, with approximately a quarter (27.23%) of votes cast in its favor. A significant number of validators, around 25%, voted “Yes”, while nearly half (48%) chose to abstain, including Allnodes. Remarkably, 92% of delegators backed the proposal, as the tokens are owned by the community at large.

The developer migrated Anchor Protocol contract to a new code via governance similar to Risk Harbor. However, the execution on the Mirror Protocol failed to burn 46 million USTC. The proposal is submitted again, but developer claims to investigate the reasons behind the failed execution.

As per statements from Terra Luna Classic’s CEO Chris Amani and a court ruling, all Terra Luna Classic assets must be destroyed. After October 31st, TFL will cease interaction with the Columbus-5 and Phoenix-1 chains. Post the court-sanctioned date, any burn or transfer of tokens could prove challenging.

USTC and LUNC Price Jumps

With recent developments involving LUNC, the tokens within the Terra Luna Classic ecosystem experienced a modest increase of approximately 2% over the past 4 hours. Additionally, there has been noticeable buying activity in the derivatives market as futures open interests have surged by more than 2% during this period.

In the past 24 hours, LUNC’s price increased by approximately 2%, now standing at $0.0000858. Earlier today, the lowest and highest prices were recorded as $0.00008372 and $0.00008631 respectively. Despite this surge, the trading volume has remained relatively low due to the ongoing market-wide pressure in the crypto sector.

Currently, USTC’s price stands at $0.01798, marking a 2% increase over the past 24 hours. However, there was a 37% decrease in trading volume within the same period.

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2024-09-21 19:04