{"id":565407,"date":"2023-12-14T23:00:47","date_gmt":"2023-12-14T23:00:47","guid":{"rendered":"https:\/\/www.wncen.com\/?p=565407"},"modified":"2023-12-14T10:42:00","modified_gmt":"2023-12-14T10:42:00","slug":"terra-classic-800-million-ustc","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/ustc\/terra-classic-800-million-ustc\/","title":{"rendered":"Terra Classic Validator Presents \u2018Legally Absolved Route\u2019 To Burn 800 Million USTC"},"content":{"rendered":"

Back in August 2023, the Terra Classic community passed a proposal<\/a> that would see 800 million USTC incinerated. This move came about as the community worked to help the token recover and be re-pegged back to the US dollar. Naturally, the proposal passed and the community prepared for the massive burn. That is until the plan hit a snag.<\/p>\n

Terra Classic Validators Worried About Code Changes<\/h2>\n

The 800 million USTC mentioned in the proposal to be burned are the tokens held in the community treasury and managed by Risk Harbor. After the proposal was passed, the community turned toward carrying out the burn, until validators raised an issue with the plan.<\/p>\n

Related Reading: Avalanche Open Interest Just Smashed A New ATH, Can AVAX Reclaim $100?<\/a><\/div>\n

According to Risk Harbor, they no longer had the keys to the wallet which happens to be a multi-sig wallet. So by default, these USTC coins<\/a> are no longer accessible. But to burn the token, validators would be required to update the codes on their nodes and the legalities around this move have been questioned.<\/p>\n

As a result of this, validators have begun to vote no to carrying out the burn, citing these legal issues. This is derailing the massive burn<\/a> which is expected to reduce the token supply by around 8% in a single go.<\/p>\n

In response to this, a Terra Classic<\/a> validator known as Lunanauts has proposed what they say is a \u201clegally absolved route\u201d to completing the burn. Basically, Lunanauts has devised a way in which validators would not have to update the codes on their nodes and thus, avoid any legal issues.<\/p>\n

\"USTC<\/p>\n

Token price still trading well below dollar peg | Source: USTC\/USDT on Tradingview.com<\/a><\/pre>\n
Legal Way To Burn 800 Million USTC<\/h2>\n
In a proposal<\/a> made on the Terra Classic community forum titled \u201cBurn of 800m USTC Funds – legally absolved route,\u201d Lunanauts suggests using a smart contract to actually burn the tokens. The objective of the proposal, Lunanauts explained, is to still carry out the burn but eliminate legal repercussions for validators.<\/p>\n
The process would involve creating a smart contract carrying a \u201csole MsgSend to transfer all holdings to Anxu.\u201d Once this is done, the multis contract can then be transferred via governance to the code id create. So there is no need for any code changes by validators. As Lunanauts explains, \u201cThe proposed method achieves the same effect as (proposal 11913) without requiring validator installations.\u201d<\/p>\n
Related Reading: Here\u2019s How Much You Would Have If You Bought Bitcoin When Jim Cramer Said Sell<\/a><\/div>\n
Lunanauts\u2019s \u2018solution\u2019 comes hot on the heels of Proposal 11832 which has taken another route to address validators\u2019 legal concerns. The proposal wants to blacklist the multisig wallet<\/a> holding the 800 million USTC instead, making it impossible to transfer tokens from that wallet.<\/p>\n
The two proposals are currently going head to head. As always, token holders are able to vote on the proposal they want to support. Once voting ends, whatever proposal passes will determine what happens to the 800 million USTC<\/a> in the community wallet.<\/p>\n
Nevertheless, all of this is being done with the endgame of re-pegging USTC to the US dollar<\/a>. The token is still trading about 96% below its peg<\/a> with a 9.78 billion total supply.<\/p>\n
Follow Best Owie on X (formerly Twitter)<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Coinmarketcap, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Back in August 2023, the Terra Classic community passed a proposal that would see 800 million USTC incinerated. This move came about as the community worked to help the token recover and be re-pegged back to the US dollar. Naturally, the proposal passed and the community prepared for the massive burn. That is until the plan hit a snag. Terra Classic Validators Worried About Code Changes The 800 million USTC mentioned in the proposal to be burned are the tokens held in the community treasury and managed by Risk Harbor. After the proposal was passed, the community turned toward carrying out the burn, until validators raised an issue with the plan. Related Reading: Avalanche Open Interest Just Smashed A New ATH, Can AVAX Reclaim $100? According to Risk Harbor, they no longer had the keys to the wallet which happens to be a multi-sig wallet. So by default, these USTC coins are no longer accessible. But to burn the token, validators would be required to update the codes on their nodes and the legalities around this move have been questioned. As a result of this, validators have begun to vote no to carrying out the burn, citing these legal issues. This is derailing the massive burn which is expected to reduce the token supply by around 8% in a single go. In response to this, a Terra Classic validator known as Lunanauts has proposed what they say is a \u201clegally absolved route\u201d to completing the burn. Basically, Lunanauts has devised a way in which validators would not have to update the codes on their nodes and thus, avoid any legal issues. Token price still trading well below dollar peg | Source: USTC\/USDT on Tradingview.com Legal Way To Burn 800 Million USTC In a proposal made on the Terra Classic community forum titled \u201cBurn of 800m USTC Funds – legally absolved route,\u201d Lunanauts suggests using a smart contract to actually burn the tokens. The objective of the proposal, Lunanauts explained, is to still carry out the burn but eliminate legal repercussions for validators. The process would involve creating a smart contract carrying a \u201csole MsgSend to transfer all holdings to Anxu.\u201d Once this is done, the multis contract can then be transferred via governance to the code id create. So there is no need for any code changes by validators. As Lunanauts explains, \u201cThe proposed method achieves the same effect as (proposal 11913) without requiring validator installations.\u201d Related Reading: Here\u2019s How Much You Would Have If You Bought Bitcoin When Jim Cramer Said Sell Lunanauts\u2019s \u2018solution\u2019 comes hot on the heels of Proposal 11832 which has taken another route to address validators\u2019 legal concerns. The proposal wants to blacklist the multisig wallet holding the 800 million USTC instead, making it impossible to transfer tokens from that wallet. The two proposals are currently going head to head. As always, token holders are able to vote on the proposal they want to support. Once voting ends, whatever proposal passes will determine what happens to the 800 million USTC in the community wallet. Nevertheless, all of this is being done with the endgame of re-pegging USTC to the US dollar. The token is still trading about 96% below its peg with a 9.78 billion total supply. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet\u2026 Featured image from Coinmarketcap, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":565417,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[90875],"tags":[6664,14690,65698,86254,90868,90869,86791,90870,90449],"class_list":["post-565407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ustc","tag-crypto","tag-crypto-news","tag-terra","tag-terra-classic","tag-terra-classic-news","tag-terra-community","tag-ustc","tag-ustc-burn","tag-ustc-news"],"acf":[],"yoast_head":"\nTerra Classic Validator Presents \u2018Legally Absolved Route\u2019 To Burn 800 Million USTC<\/title>\n<meta name=\"description\" content=\"Back in August 2023, the Terra Classic 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/www.wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Terra Classic Validator Presents \u2018Legally Absolved Route\u2019 To Burn 800 Million USTC","url":"http:\/\/www.wncen.com\/ustc\/terra-classic-800-million-ustc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/ustc\/terra-classic-800-million-ustc\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/12\/USTC-burn.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/12\/USTC-burn.png?fit=1024%2C536"},"articleSection":"USTC","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","crypto news","terra","terra classic","terra classic news","terra community","ustc","ustc burn","ustc news"],"dateCreated":"2023-12-14T23:00:47Z","datePublished":"2023-12-14T23:00:47Z","dateModified":"2023-12-14T23:00:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Terra Classic Validator Presents \\u2018Legally Absolved Route\\u2019 To Burn 800 Million USTC\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/ustc\\\/terra-classic-800-million-ustc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/ustc\\\/terra-classic-800-million-ustc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/USTC-burn.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/USTC-burn.png?fit=1024%2C536\"},\"articleSection\":\"USTC\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"crypto news\",\"terra\",\"terra classic\",\"terra classic news\",\"terra community\",\"ustc\",\"ustc burn\",\"ustc news\"],\"dateCreated\":\"2023-12-14T23:00:47Z\",\"datePublished\":\"2023-12-14T23:00:47Z\",\"dateModified\":\"2023-12-14T23:00:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/12\/USTC-burn.png?fit=1024%2C536","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/565407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=565407"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/565407\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/565417"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=565407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=565407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=565407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}