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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


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