About TerraClassicUSD

Terraform Labs (TFL) has executed a large-scale token burn of 251 billion Terra Luna Classic (LUNC) and 264 million TerraClassicUSD (USTC) tokens from circulation. The burn was part of a settlement with the U.S. Securities and Exchange Commission (SEC) that required TFL to dispose of specific assets held in its Shuttle Bridge wallets.

The world's largest crypto exchange Binance has burned 1.14 Terra Luna Classic tokens in the 26th batch of LUNC burn mechanism. This move has sparked optimism, as evidenced by the surge of over 10% in LUNC and USTC prices.

Will these grandiose USTC burns linked to TFL bankruptcy have a long-lasting impact on Terra Luna Classic's chain?

LUNC News: The Terra Luna Classic community has recently initiated a USTC burn proposal, which has gained notable traction from the market participants. This initiative follows TerraForm Labs' recent move to wind down its operations and burn remaining assets, which has noted significant attention from the community members.

LUNC News: Over 726 million USTC were burned after the Terra Luna Classic community approved proposal 12135 to burn tokens in Anchor Protocol via contract migration. With Terraform Labs (TFL) cleared to wind down operations by a US bankruptcy court, the community expects billions of LUNC and USTC burns from related projects.

Terra Luna Classic popular member and validator Vegas Morph has unveiled a proposal to repeg USTC to $1. This sparked bullish sentiment in the community, with LUNC price gaining further upside momentum after rising 15% in a week.