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Proposal to burn 1 billion Terra UST tokens is implemented

 


The second proposal to burn the remaining UST tokens in the community pool has met the minimum and is expected to be passed at 21:00 GMT on May 26.


The UST incineration initiative was approved earlier this month but could not be implemented due to technical problems. The new proposal states that the previous proposal attempted to take more money from the community pool than was available, so the execution failed.


The now amended proposal will burn 1,006,733,194 UST tokens while the community pool currently contains 1.01 billion tokens, meaning there should be a buffer of around 3 million tokens.


The reduction will account for about 8% of total UST supply and could help bring UST closer to its original dollar peg. UST is currently trading at around $0.07 per token, down over 90% from its original price.


Community pool to be included in LUNA2

The proposal will be passed after the snapshot is taken for the new LUNA chain, which means the community pool will be included in the distribution.


The community pool will receive 30% of the new tokens, triple the amount allocated to “Pre-Attack” UST holders, who will receive 10%. Given the controversy surrounding the failure of the original proposal, the timing has raised concerns in the community.


The revival proposal, passed with just 65% of the vote, was changed midway through the vote without requiring a new bill. However, the original proposal to burn the UST was not changed and failed to be implemented, necessitating a new vote. Those who claim that something is amiss behind the scenes of the Terra ecosystem can cite this action as further proof.


LUNA Classic has been struggling for the past few days

The Terra ecosystem is undoubtedly struggling to find some form of stability. This is likely due to the massive inflation LUNA has had since UST decoupling. Coupled with numerous issues surrounding the recent corporate governance votes, the future of the company that will now be known as LUNC is a big question mark.

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