#Terra.Luna.Classic.communit officially rejects proposal to burn 8 million #USTC/USDT
_#The.Terra.Luna.Classic.community has now rejected three proposals to burn USTC, with the most recent proposal to burn all USTC in the community basin failing to convince the community that it is a wise course of action. The move comes amid narrative of burning 800 million USTC from #Risk.Harbor.Multisig wallet. Which remains dormant because the project lost the keys and agreed to blacklist the wallet. It seems the community is looking at the developments after the community approved new developer group Genin Labs to work on the series. Terra Luna Classic community rejects $8 million burn bid from USTC
Proposition 11958 âBurn 8 million USTC directly from CPâ has been officially rejected by the Terra Luna Classic community. The proposal aims to burn every USTC in the community pool by proposing spending to burn the title. Currently, the community pool has 8.11 million USTC and 3.61 billion LUNC, according to StakeBin data. The proposal was particularly rejected by validators, with a number of senior validators voting ânoâ during the governance proposal. They include Interstellar Lounge, JesusLord, Lunanauts, SoliVote, and more. The community believes that the funds should be used for the purposes of developing the Terra Luna Classic series and providing liquidity support to the projects. We previously mentioned that the motivation behind this proposal is to burn all USTC in the community pool because they are not currently required for community initiatives. The community liquidity pool contains a large amount of 3.61 billion LUNC. This is enough to cover on-chain activities and manage other costs.
By taking the initiative to burn this amount of USTC. We demonstrate our commitment to self-sufficiency and responsible management of community resources. âThis action is not consistent with our community's vision of just shrinking,â VegasMorph said. â
$USTC $LUNC
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