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🚀 LUNC Burns Are About to Explode! Terra Luna Classic Will Never Be the Same! 🚀 Big news for the Terra Luna Classic community! The burn rates for $LUNC are gearing up for a major surge. Recently, Binance completed a burn of 1.01 billion LUNC tokens, and the community has collectively burned over 76 billion tokens since the 2022 crisis(CoinGape)(CoinGape). With increasing trading volumes and new trading pairs launching, we can expect even more significant burns in the coming months(CoinGape). Despite some recent market fluctuations, the excitement around $LUNC
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🌖 LUNC News: Terra Luna Classic Community Votes On USTC Burn Proposal The latest USTC burn proposal has gained traction from the Terra Luna Classic community. According to the proposal, it aims to burn a total of 46.55 million USTC through a contract migration, with a specific focus on wallets linked to the Mirror Protocol. Notably, this move follows a previous attempt to execute a burn proposal that failed due to insufficient contract balances. Now, the community is revisiting the matter, with renewed urgency. TerraForm Labs CEO Chris Amani mentioned in a community wind-down meeting that TFL intends to burn all Terra Classic assets. Meanwhile, this approach is driven by a need to ensure security and compliance with ongoing legal requirements. According to Amani, the wallets in question will be destroyed rather than leaving keys vulnerable to future access. “Burning would be the best option,” he emphasized. In additio, the proposal indicates that with a substantial amount of USTC and LUNC linked to these contracts, the community must act swiftly to secure the assets through migration and burn the funds. Besides, it highlights the importance of this action as part of the larger effort to prevent further complications following TFL’s exit from the Terra ecosystem.
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🌖 LUNC News: Terra Luna Classic Community Votes On USTC Burn Proposal LUNC News: The Terra Luna Classic community has recently initiated a USTC burn proposal, which has gained notable traction from the market participants. This initiative follows TerraForm Labs’ recent move to wind down its operations and burn remaining assets, which has noted significant attention from the community members. Meanwhile, this latest proposal seeks to safeguard the Terra Classic community by removing inactive contracts and burning USTC holdings.
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🌖 USTC and LUNC Price Jumps Amid this LUNC news, Terra Luna Classic ecosystem tokens witnessed a slight jump of 2% in the last 4 hours. The tokens also saw a buying activity in derivatives market as futures open interests climbed more than 2% in last few hours. LUNC price climbed nearly 2% from the 24-hour low, with the price currently trading at $0.0000858. The 24-hour low and high are $0.00008372 and $0.00008631, respectively. However, the trading volume remained low amid the pressure in the broader crypto market. Meanwhile, USTC price is trading at $0.01798, up 2% in the last 24 hours. The trading volume saw a 37% jump decline in the last 24 hours.
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🌖 LUNC News: Over 726 Million USTC Burned After Proposal Passes In the major news for the LUNC community today, more than 726 million USTC were burned through Anchor Protocol contract migration. The burn came after the community approved proposal 12135 to burn tokens in wallets of Terraform Labs-owned Anchor Protocol. The proposal was passed narrowly by the Terra Luna Classic community with 27.23% votes in favor. Among validators, nearly 25% voted “Yes” and 48% voted “Abstain” including Allnodes. However, 92% of delegators supported the proposal as the tokens belong to the community. 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. All Terra Luna Classic assets as stated by TFL CEO Chris Amani and ordered by the court judgment should be burned. TFL will not interact with Columbus-5 or Phoenix-1 chains after October 31. Any token burn or transfer will be difficult post the court-approved date.
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