Terra Classic Community Proposes Burning 800 Million USTC Tokens to Reduce Supply and Boost Price Valuation

The Terra Classic community is planning to remove a large amount of digital currency from circulation through a deflationary or burning campaign. A proposal has been submitted to part with 800 million USTC from the Risk Harbor Wallet, which has caused division within the community. The proposal seeks to solve the dilemma of lost keys preventing the burning of the tokens by implementing a contract migration. If the proposal passes, it will reduce the supply of USTC from 8.96 billion tokens to 8.1 billion, which has already caused an uptick in the price of USTC and LUNC.