- LUNC investor remain bullish on the token’s future, buying at a threefold premium.
- Community burns 726 million USTC, boosting LUNC’s potential.
- U.S. court approves liquidation plan, minimizing investor losses.
In the ongoing efforts to revive the Terra Luna Classic ecosystem, one LUNC investor demonstrated strong confidence by purchasing tokens at a 3x premium, betting on future price appreciation. This bullish sentiment coincides with the community’s recent burn of 726 million USTC, a move intended to revive the LUNC token’s value.
The user’s focus on “patience” reflects the long-term view many LUNC investors are likely taking as they wait for a potential token recovery.
LUNC Community Rallies, Burns Millions of USTC
The Terra Luna Classic (LUNC) community recently burned over 726 million USTC through the contract migration of Anchor Protocol, following the approval of Proposal 12135 by 27.23% of the community.
Nearly 25% of validators voted in favor, while 48% abstained, notably prominent validators like Allnodes. Support from delegators was strong, with 92% voting in favor of the burn. This action aims to rebuild the ecosystem after the dramatic collapse of Terraform Labs.
Even with strong community engagement, the burn process in Mirror Protocol was unsuccessful in destroying 46 million USTC. Developers are currently investigating the cause of the failure, and a new proposal has been submitted to retry the process.
Terraform Labs Winds Down, LUNC’s Future Uncertain
This news comes as Terraform Labs, the company behind TerraUSD and Luna tokens, prepares to cease operations. A U.S. bankruptcy court recently gave the green light to Terraform’s liquidation plan, following the company’s $40 billion collapse in 2022.
Read also: Terraform Labs, Behind TerraUSD Collapse, Gets Bankruptcy Approval
U.S. Bankruptcy Judge Brendan Shannon described the ruling as a “welcome alternative” to prolonged legal battles, which is expected to minimize investor losses and bring closure to the Terraform Labs saga.
The LUNC community remains hopeful, with discussions revolving around the potential impact of these burns on the token’s price and future recovery. Also, the liquidation plan offers hope for the revival of the Terra Luna Classic ecosystem.
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