The Terra Classic Community recently had something to cheer about following revelations about the amount of LUNC and USTC token burns that were carried out in the past week. During that period, a significant amount of LUNC and USTC tokens are said to have been burned, something which could positively affect the crypto tokens' prices.
The Number Of LUNC And USTC Burned
In an X (formerly Twitter) post, AlexCryptoBull, a member of the Terra community, brought to the community's attention how 700 million LUNC and 230,000 were burned last week. Data from LUNCMetrics also confirms this development.
The Terra ecosystem has had to intensify its token burns ever since the Terra LUNA crash in a bid to revive the LUNC and USTC tokens. So far, 94.31 billion LUNC and 1.50 billion USTC tokens have been burned and wiped out from circulation since May 13, 2022, around when the LUNA crash occurred.
As part of this burn initiative, the community at one time had to vote on a proposal that, if passed, would have seen 800 million USTC tokens being burned. The proposal was, however, rejected due to legal concerns.
Meanwhile, the Terra community has also deployed other initiatives to help in the resurgence. Interestingly, the community recently voted against a proposal that seemed promising. This proposal involved the development team exploring the possibility of the Terra blockchain becoming an Ethereum Virtual Machine (EVM) compatible platform.
Terra, being EVM-compatible, offers numerous benefits to the network, including the possibility of LUNC and USTC surging in prices due to new money flowing into the ecosystem. However, some validators seemed to have had concerns about the funding that would have been needed to implement such a project and ultimately voted against the proposal.
Terra Community Faces Another Setback
The Terra community was recently dealt another blow following the news that Terraform Labs had filed for bankruptcy. Considering the crypto firm's ties with the Terra ecosystem, the LUNC and UST tokens experienced notable declines following this development. This could also mark the beginning of torrid times ahead for the community in their efforts to revive both tokens.
Specifically, there could be potential LUNC and USTC selloffs from the crypto firm as part of the bankruptcy proceeding, something which will no doubt trigger a decline in their price. The Terra community has already had to deal with legal troubles, which Terraform Labs is currently facing, with the court ruling that LUNA and TerraUSD were unregistered securities.
At the time of writing, LUNC and USTC are trading at around $0.0001042 and $0.02536, respectively, both down over 5% in the last 24 hours, according to data from CoinMarketCap.
LUNC price suffers amid network troubles | Source: LUNCUSD on Tradingview.com
Featured image from Coinmarketcap, chart from Tradingview.com
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Source: NewsBTC.com
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