LUNC Unleashed: Testnet Drill Commences As Terra Classic Prepares For 800 Million USTC Blaze

LUNC News Update: Some folks who used to work on the Joint L1 Task Force (L1TF), including one of its developers, teamed up with other developers and validators from Terra Luna Classic. They’ve kicked off a plan to burn 800 million USTC. This move aims to shrink the amount of stablecoin floating around by torching some of the balance held in a contract. That’s the scoop for now!

On Feb 13, Fragwuerdig, the developer of Terra Luna Classic, shared that they’re currently rehearsing on the testnet. This is in response to the community’s decision to burn a massive 800 million USTC. The community chose to burn because there’s no way to recover funds from wallet owners, and blocklisting is no longer effective.

“I require your approval for ‘testnet-yes’ on proposal 45. We are initiating a contract migration through governance to burn its contract balance,” he mentioned.

It’s important to note that the testnet contact wallet on rebel-2 currently holds only 10 million USTC, not the expected 800 million USTC, due to the unlimited supply on the testnet. Nevertheless, the community can burn USTC by utilizing the execution and migration endpoint to trigger a handler to burn the contracts with USTC balance.

LUNC Price Impact After USTC Migration

A code is set to facilitate the migration of 800 million USTC from Risk Harbor’s multisig contract or wallet to an updated code version through a contract migration proposal. However, Approval from the community is required for the proposed migration, which involves burning the 800 million USTC balance. Fragwuerdig asserts that this method will not impact the state of the blockchain.

Following the release of the US CPI, the LUNC price has retraced from its earlier gains and is currently at $0.0001145. The 24-hour trading range shows a low of $0.0001126 and a high of $0.0001189. Additionally, there has been a 35% increase in trading volume over the past 24 hours.

USTC price has surged by 3% over the past 24 hours, currently trading at $0.02635. The 24-hour trading range displays a low of $0.02543 and a high of $0.02727. Notably, trading volume has witnessed a substantial increase of over 70% during this period, suggesting a heightened level of interest among traders.

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