Skip to main content

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

 The Terra Money Twitter account shared the finer points of Do Kwon’s initial rescue plan expanding the base pool, burning UST, and staking LUNA.

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

The Terra rescue story continues to unravel in a tweet thread, the TerraMoney Twitter account went into greater detail regarding the CEO of Terraform Labs.

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%

Also, the tweet explains that there is a “supply overhang” of UST which explains Terra’s (LUNA) or price depreciation. now they burn more UST.

“The primary obstacle is expelling the bad debt from UST circulation at a clip fast enough for the system to restore the health of on-chain spreads.”

Due to this, their emergency measures are to be implemented, one of which focuses on burning more UST

Read full story at: https://cryptounity.news/terra-to-burn-14b-ust-and-stake-240m-luna-to-stop-the-bleeding


Comments

Post a Comment

Popular posts from this blog

Chinese city Shanghai includes Metaverse in its development plan

 Shanghai's five-year plan requires the utilization of a metaverse out in the open administrations, business, amusement, and modern assembling. Shanghai, China's most jam-packed city, is looking for ways of utilizing a metaverse openly administration over the course of the following five years. Shanghai Municipal Commission of Economy and Information Technology's five-year improvement plan for the electronic information industry is recorded for investigation, and one of them is the metaverse. Read full story on http://cryptounity.news/Chinese-city-Shanghai-includes-Metaverse-in-its-development-plan 
Post a Comment
Read more

Spotify reportedly tests NFT galleries on musician profiles

  Spotify platform is exploring the possibilities to “improve artists and fan experiences” by surveying its users. Giant music streaming platform Spotify is reportedly testing the option to include  nonfungible token  (NFT) galleries on musicians’ profiles. Should the trial succeed, the embedding of NFTs would serve to improve artist and fan experiences. Spotify is running a test for select users of the platform’s Android app in the USA. These users can see the NFT previews on the artists’ profiles. Now, there are only two such artists, Dj and producer Steve Aoki and Indie rock band The Wombats both of which are known for their adoption of NFTs. It’s not possible to make direct purchases, but after reading about the NFT and seeing an enlarged preview. the user can tap to be redirected to the OpenSea page where they can purchase the item. According to reports, Spotify doesn’t support videos or GIF formats, showing only a static image without any sounds. Spotify spokesperso...
Post a Comment
Read more

StarkWare is built into a unique ZK-Rollup Snap by MetaMask

  StarkNet is not yet natively compatible with MetaMask because it uses a different address and account structure than Ethereum this is not EVM compatible with the first-ever Layer 2 snap that makes ZK rollup compatible users now have better access to a permissionless decentralized network for quick cheap applications. We made a StarkNet dApp that lets users install the snap as well manage and add tokens that are based on StarkNet snap lets you manage StarkNet assets by making StarkNet keys from your MetaMask secret Recovery Phrase without having access to your MetaMask information. Read full news at:  http://cryptounity.news/starkware-is-built-into-a-unique-zk-rollup-snap-by-metamask
Post a Comment
Read more