CandleFocus Terra Luna Classic Burns 726 Million USTC from Anchor Protocol – Price Rally Coming?
2024-09-23
Author: Content Editor
The Terra Luna Classic (LUNC) community recently burned 726 million USTC tokens after receiving approval from a U.S. bankruptcy court to wind down Terraform Labs (TFL). The community plans to burn billions of LUNC and USTC tokens across various projects. Increasing the burn tax to 1.5% is expected to accelerate the burning and boost funding for the community and oracle pools. Despite a price uptick, trading volume remains low due to market pressures. The token burn was executed through a contract migration in Anchor Protocol and narrowly passed with 27.23% of votes in favor. However, an attempt to burn 46 million USTC in Mirror Protocol failed, leading to further investigation.
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