Terra to burn 1B UST from the community pool as holders vote for it
The proposal highlighted that the burn may help restore the UST dollar peg by burning the excess supply. 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. According to....
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Terra, an algorithmic stablecoin project, will burn $4.5 billion worth of terra (LUNA), its native token, from its community pool. The decision was taken using the on-chain governance system, and according to proposals 133 and 134, the LUNA will be burned and swapped for the native stablecoin of the chain, UST. This burn is expected to raise the price of LUNA, at least in the long term.
Terra Starts Burning LUNA
Terra, a smart contract-enabled algorithmic stablecoin project, passed a pair of proposals to burn $4.5 billion worth of terra (LUNA), its native token, from community....
The Terra Money Twitter account shared the finer points on Do Kwon's initial rescue plan: expanding the base pool, burning UST and staking LUNA. The Terra rescue story continues to unravel. In a tweet thread, the Terra Money Twitter 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 UST by expanding the base pool for the currency. The proposal has received 220,000 votes, at over 50%. The....
It’s not often that we see a DAO vote on a multi-year, $40M protocol spend on a sports sponsorship. Terra holders have been voting on just that this week, however, in what’s seemingly a first-of-its-kind event. Terraform Labs founder Do Kwon presented a new proposal to the Terra community this week, allowing LUNA holders to vote on a new five-year, $38.5M sponsorship with an unnamed team across one of the ‘big four’ sports leagues in the U.S. (MLB, NBA, NFL, NHL). It is seemingly the first time in sports sponsorship history that a DAO (or similarly structured....
After two days of silence, the Terra founder has issued a new governance proposal to keep the community alive and compensate token holders. Terraform Labs co-founder Do Kwon has tabled a proposal to preserve the Terra ecosystem following the historic depegging of its algorithmic stablecoin, UST, and the resulting death spiral that plunged Terra (LUNA) tokens to practically zero. In a Friday post on Terra’s research forum, Kwon said, “The Terra community must reconstitute the chain to preserve the community and the developer ecosystem.” His proposal, which was in response to validator....
Terraform Labs will put the proposal up for a governance vote on May 18 Asia time. On Monday, Do Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after a combination of significant market volatility and inherent protocol design flaws wiped out a vast majority of the blockchain's market cap. As told by Kwon, Terraform Labs will put forth a new governance proposal on May 18 to fork the Terra Luna blockchain called Terra (token name: LUNA). However, the new chain will not be linked to the TerraUSD (UST) stablecoin. Meanwhile, the old....