The Terra Luna Classic (LUNC) ecosystem is rising from the ashes once again! đ„ Thanks to a bold community-led initiative, the recent burn of 46,556,271 TerraClassic USD ($USTC) through the Mirror Protocol has sparked renewed excitement and price action for LUNC.
đ A Community-Led Burn: Proposal #12138 Takes the Lead
The recent burn is part of an ambitious strategy aimed at reducing the oversupply of USTC and boosting the overall value of LUNC. With the community overwhelmingly backing Proposal #12138, the USTC burn has triggered an immediate price increase for LUNCâand this is just the beginning! đ
âïž The Legal Context: TerraForm Labs' Bankruptcy & Deadline Looming
This burn comes at a critical moment as TerraForm Labs winds down its operations amid bankruptcy proceedings. The courts have mandated that TerraForm eliminate all remaining digital assets, including LUNC and USTC, by October 30, 2024. The clock is ticking! âł
In a conversation with the community, TerraForm CEO Chris Amani explained the decision to burn tokens instead of destroying private keys, emphasizing the urgency and significance of this move for the projectâs future. đ
đ Whatâs Next for Terra Luna Classic?
As TerraForm executes its final moves, the community-driven USTC burn offers a chance for LUNC to rise once more, potentially reclaiming its place in the broader crypto market. Could this be the beginning of a new era for Terra Luna Classic?
#WeAreAllSatoshi #TerraLunaClassic #USTCBurn #CryptoRevivalIndia #BinanceCommunity $LUNC
