The Terra Classic community led by the L1 Task Force (L1TF) and network validators have continued to devise ways to restore USTC to its dollar peg. As part of their endeavors, they recently introduced a new proposal, which is currently undergoing voting.
Latest Proposal Involves Plan To Burn 800 Million USTC
The latest proposal (Proposal 11927) involves plans by the community to burn 800 million USTC tokens in a “legally absolved route.” The proposed funds to be burned happen to come from the Luna Classic treasury, held in the Risk Harbor Multisig Wallet.
The idea to burn these funds arose from the fact that Risk Harbour admitted that they had lost the keys to the Multisig wallet. As a result of this, they had agreed to blacklist the wallet. However, the community opined that burning these tokens is an even better option, considering how burning such a significant amount of USTC could potentially increase the token’s value.
Before now, the community had initially proposed to burn the 800 Million USTC Burn via Update to Terrad Client. However, the proposal wasn’t passed as many validators chose not to vote. LUNC validator Lunanauts mentioned that the validators he had spoken to chose not to vote because of the possible legal repercussions of updating the code on their nodes to burn the funds.
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Author: Scott Matherson
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