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Terra to burn 1B UST from the community pool as holders vote for it

 The proposal highlighted that the burn may help fix the UST dollar peg by burning the excess supply.

Terra to burn 1B UST from the community pool as holders vote for it.jpg

Support the revival of Terra (LUNA), the community voted to burn a large amount of UST from its community pool.

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 ofo 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.

The burn will help "reduce the outstanding bad debt of the Terra ecosystem" Apart from this It's also expected to play a significant part in restoring the UST dollar peg by eliminating a big chunk of excess supply.

The proposal was submitted on 12 May and was expected to be finalized after seven days. However, It failed to execute due to a mismatch in the amount of UST in the community pool and the proposal. This is because another proposal was implemented resulting in the removal of some funds from the pool.

Read: https://cryptounity.news/terra-to-burn-1b-ust-from-the-community-pool-as-holders-vote-for-it

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