One of the popular community members and validators in the Terra Luna Classic community, VegasMorph, has proposed to burn all 8 million TerraClassicUSD (USTC) in the community pool. This action should be done in tandem with the repeated narrative that to burn 800 million USTC from the Risk Harbor Multisig Wallet, which was also first proposed by VegasMorph.
VegasMorph took the initiative to propose the proposed USTC burn in the Terra Luna Classic community pool to the wider community. This proposal aims to burn nearly 8 million USTCs through spending on burning addresses. Currently, the community pool has 7.95 million USTCs, based on StakeBin data.
The rationale behind this proposal is to consider incineration of all USTC in a community pool as there is currently no need for a community initiative. The community pool has a huge amount of 3.3 billion LUNC. This is sufficient to cover on-chain activities and manage other costs.
"By taking the initiative to burn a number of these USTCs, we show our commitment to survival and responsible management of community resources. This action not only aligns with the deflationary vision of our community, but at the same time sends a strong message that we are proactive in shaping the future of Terra Classic," said VegasMorph.
Meanwhile, the community rejects the proposal to burn 800 million USTC because they want to find another way to burn this stable currency. The Terra Luna Classic community was recently notified that Risk Harbor had lost its keys and agreed to blacklist the wallet.
The price of LUNC is down 4% in the last 24 hours, with the price currently trading at $0.0001597. Meanwhile, the price of USTC is trading at the price level of $0.0334, down 6% in the last 24 hours.
