Terra to burn 1B UST from the community pool as holders vote for it

2022.05.27 14:11

Terra to burn 1B UST from the community pool as holders vote for it

In another attempt to support the revival of Terra (LUNA), the community voted to burn a large amount of UST from its community pool.

Earlier in May, Terra founder Do Kwon explained that a potential solution to the Terra debacle is to absorb the stablecoin supply. In response to this, users proposed the burning of the 1 billion TerraUSD (UST) that was stored in Terra’s community pool and the remaining cross-chain UST that’s deployed on the Ethereum blockchain as incentives.

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