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.

CryptoPotato 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.

Read More?

Post is imported from RSS feed, by one of our guest editors. G6 does not edit or moderate the content. G6 is not responsible for your actions. No rights owned by G6. To remove the post, please email us at [email protected]

No Comments

Sorry, the comment form is closed at this time.