⚪ #Terra Luna Classic Burns 726 Million USTC from Anchor Protocol🔥🔥🔥#Court-approved date....
After the Terra Luna Classic community approved Proposal 12135 to burn tokens on Anchor Protocol via contract migration, more than 726 million USTC has been burned. After Terraform Labs (TFL) was approved to cease operations by the US bankruptcy court, the community expects billions of LUNC and USTC to be burned from related projects.
Terra Luna Classic Burns 726 Million USTC from Anchor Protocol🔥🔥🔥#Court-approved date....
More than 726 Million USTC Burned After Proposal Accepted
In important news for the LUNC community, more than 726 million USTC has been burned via Anchor Protocol contract migration. The burn came after the community approved proposal 12135 to burn tokens in Anchor Protocol wallets owned by Terraform Labs.
The proposal was narrowly accepted by the Terra Luna Classic community with 27.23% of the votes. Among the validators, approximately 25% voted “Yes”, including Allnodes, and 48% voted “Abstain”. However, 92% of the delegates supported the proposal due to the tokens being owned by the community.
The developer has moved the Anchor Protocol contract to a new code with governance similar to Risk Harbor. However, the implementation on Mirror Protocol failed to burn 46 million USTC. The proposal has been resubmitted, but the developer claims to be investigating the reasons behind the failed implementation.
As stated by TFL CEO Chris Amani and ordered by court order, all Terra Luna Classic assets must be burned. TFL will not interact with the Columbus-5 or Phoenix-1 chains after October 31st. Any token burn or transfer will be difficult after the court approved date.
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