Terra Luna Community Makes a Critical Decision About the Future of 800 Million USTC


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  • 4 months ago
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The Terra Luna Classic community has reached a crucial decision regarding the fate of 800 million USTC tokens. The proposal to burn 800 million coins has been officially accepted. The idea was put forward by Vegas, a prominent member of the LUNC comm

The Terra Luna Classic community has reached a crucial decision regarding the fate of 800 million USTC tokens. The proposal to burn 800 million coins has been officially accepted. The idea was put forward by Vegas, a prominent member of the LUNC community. The proposal included blacklisting the Ozon Protocol wallet containing 800 million USTC and freezing the tokens within it instead of destroying them without permission. Investors reacted positively to the proposal's acceptance, leading to an increase in the coin's price.

The proposal to blacklist the wallet with the ID "TERRA1QYW695VAXJ7JL6S4U564C6XKFE59KERCG0H88W" gained momentum after receiving a "yes" vote from Allnodes, one of the leading validators. The proposal then exceeded the required threshold, achieving a 54.07% "Yes" vote. Additionally, 30.51% of validators voted "No," and 13.39% voted to veto the decision. Finally, 2.03% of validators abstained from voting. The community remains uncertain about whether freezing the wallet is the right course of action, as it could significantly delay the burning process.

Directly altering the blockchain state and destroying funds goes against blockchain ethics. Blacklisting allows for a reversible action that can recover the funds through governance if valid reasons are presented by wallet holders.

A similar situation has occurred in the past, with validators previously approving proposals to burn 800 million USTC. However, negotiations to persuade validators to transfer these tokens to the community pool or burn the funds directly were unsuccessful. The L1 development team will swiftly implement the process of blacklisting the wallet as mentioned.

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Terra Classic

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