Cryptocurrency News

Terra to burn $1.4B UST and stake 240M LUNA to ‘stop the bleeding’

05/12/2022

Less than a minute

2022.05.12 14:51

Terra to burn $1.4B UST and stake 240M LUNA to ‘stop the bleeding’

The Terra rescue story continues to unravel. In a tweet thread, the Terra Money Twitter (NYSE:TWTR) account went into greater detail regarding the CEO of Terraform Labs, Do Kwon’s, rescue plan for UST.

The thread sheds light on Proposal 1164, Do Kwon’s initial strategy for Terra from May 11. The proposal would better balance the algorithmic stablecoin Terra USD (UST) by expanding the base pool for the currency. The proposal has received 220,000 votes, at over 50%.

05/12/2022

Less than a minute

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