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    LUNC, USTC Nosedive After Burn Proposal Rejection

    ByJanuary 3, 2024, 5:27 AM1 Mins read41 Views
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    LUNC, USTC Nosedive After Burn Proposal Rejection

    Terra Luna Classic (LUNC)’s price has retraced in the last 24 hours following the community’s rejection of a burn proposal of 800 million USTC.

    The proposal, numbered 11927, aimed to burn a significant amount of USTC in the Risk Harbor multisig wallet, which was crucial due to the loss of keys. However, the proposal received only 30% support, with 11% opposing and 15% opting for a veto. A significant 44% of the votes were abstentions, highlighting the complexity of decision-making on decentralized finance platforms. The decision has sent ripples through the cryptocurrency market.

    (With inputs from Shikha Singh)

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