Terra Governance System Passed Plan Involving Burning 1.3 Billion UST Tokens
Terra has been making a lot of headlines lately, and it was not for the best reasons. The tragedy that took place and drowned the crypto market will definitely remain one to remember. Now, Terra is making headlines again...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Terra has been making a lot of headlines lately, and it was not for the best reasons. The tragedy that took place and drowned the crypto market will definitely remain one to remember.
Now, Terra is making headlines again, but this time, it’s something different.
Terra governance system votes to approve a proposal to burn all UST tokensThe BlockCrypto notes that the Terra governance system has voted to approve a proposal to burn all TerraUSD (UST) tokens held in the project’s community pool and UST deployed for past liquidity incentives on Ethereum.
“This amounts to more than 1.3 billion UST, or roughly 11% of the existing 11.2 billion UST supply, according to CoinGecko,” according to the online publication mentioned above.
They also noted that the proposal received 99.3% of the total cast votes in favor of it. Following the vote, Terraform Labs, Terra’s core development firm, will proceed to execute the burn.
This process will take place over two phases.
The same online publication noted that first, it will send about 1 billion UST from Terra’s community pool to a burn module where it will be permanently removed from the supply.
“Then, the team will manually bridge back 370 million UST to Terra from the Ethereum blockchain and destroy them, as detailed in an explainer post on the Terra governance forum.”
We suggest that you check out the original article in order to learn all the available details.
The collapse of TerraUSDIt’s been revealed that TerraUSD will be impacting stablecoins. Check out what an important Bloomberg strategist had to say.
It’s been revealed that senior Bloomberg analyst Mike McGlone says algorithmic stablecoins relying on market growth may be done for the foreseeable future.
During a new interview with Cointelegraph, the commodities strategist says that the recent collapse of Terra (LUNA) and its stablecoin. Stay tuned for more news.
The post Terra Governance System Passed Plan Involving Burning 1.3 Billion UST Tokens first appeared on CryptoGazette - Cryptocurrency News.Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
S&P brings ratings-style scrutiny to $10 billion crypto vault market as $6 million Base incident exposes risks
S&P Global is bringing ratings-style risk assessments to crypto lending vaults as the fast-growing market confronts fresh security...
Lido plans Morpho Blue fork ‘Lido Lend’ for new lending protocol in Q4 2026
Lido's entry into lending could enhance DeFi's appeal to passive investors, but governance and risk management will be critical ch...
Coinbase Pro Returns With Deribit, Unlocking $30B Bitcoin Options Liquidity
Key Takeaways: Coinbase Pro returns with Spot, Futures, Perpetuals, Options, and Equities by the end of the year. Deribit is upgra...
IMF says tokenized repos average $300 billion to $350 billion a day
Tokenized repos show potential for financial efficiency but face regulatory and systemic risk challenges, needing clearer legal fr...
Coinbase Plans Pro Return With Crypto Options and Stock Trading
Coinbase Pro is scheduled to return at year-end as the exchange expands access to crypto options and combines trading tools across...
Metaplanet Sold 10,000 Bitcoin, Then Bought 11,000 Back. Here’s Why
TL;DR: Metaplanet disclosed that it sold 10,000 BTC during the third quarter for roughly $790 million before buying 11,000 BTC for...