Terra Community Votes to Burn 1 Billion UST From its Community Pool - Daily Bitcoin news

Terra Community Votes to Burn 1 Billion UST From its Community Pool



The developments surrounding Terra’s ecosystem keep coming in. After voting for a revival plan that would see the fork of a new chain without the algorithmic coin, the community has now accepted another proposal.

  • Crypto Potato reported yesterday that Terra’s community voted in favor of Do Kwon’s revival plan that intends to fork a new blockchain without the UST algorithmic stablecoin.
  • Previously, the CEO had explained that “the only path forward will be to absorb the stablecoin supply that wants to exit before UST can start to repeg.”
  • With this in mind, a proposal was submitted eight days ago to burn the remaining UST in the community pool.
  • With an overwhelming majority of 99.39%, represented by 153,644,852 votes, the proposal was accepted on May 26th.
  • It’s worth noting that its previous iteration, however, was submitted on May 12th, but it failed to execute because there was a mismatch between the amount of UST in the community pool and in the proposal.
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