Terraform Labs Proposed to Burn Around 1.39B $UST as Emergency Action

Terra twitted that the prevailing peg pressure on $UST from its current supply overhang is rendering severe dilution of $LUNA. The primary obstacle is expelling the bad debt from $UST circulation as soon as possible. Apart from Prop 1,164 which has been live, Terraform Labs is initiating three emergency actions: proposal to burn the remaining $UST in the community pool; burning the remaining 371 million $UST cross-chain on Ethereum; Terraform Labs just staked 240 million $LUNA to defend from network governance attacks. Approximately 1,388,233,195 $UST will be eliminated from the $UST supply upon executing the proposal above, which equates to roughly 11% of the outstanding supply. The proposal will be immediately initiated as an on-chain vote.
Source

Terra

DeFi

In This Article

Related News
Term Finance recovers $1 million of $1.6 million loss to oracle configuration error Term Finance recovers $1 million of $1.6 million loss to oracle configuration error
Wildcat, the decentralized credit platform built by Crypto Twitter mainstay Laurence Day, launches new version on Ethereum Wildcat, the decentralized credit platform built by Crypto Twitter mainstay Laurence Day, launches new version on Ethereum
Bernstein names Robinhood as top 'crypto deregulation trade,' raises price target to $51 Bernstein names Robinhood as top 'crypto deregulation trade,' raises price target to $51
Avalanche buys back $53M of AVAX tokens from Terra’s LFG Avalanche buys back $53M of AVAX tokens from Terra’s LFG
Radiant Capital hacker moves $52M in stolen funds Radiant Capital hacker moves $52M in stolen funds
Latest News More More
1 Day Ago TON Foundation offers path to 10-year UAE 'Golden Visa' for $100k in staked TON, $35k fee; UAE denies eligibility
5 Days Ago Tether plans further Bitcoin mining expansion in South America with Adecoagro tie up
5 Days Ago North Korean hackers use fake Zoom updates to deliver ‘NimDoor’ macOS malware targeting crypto firms
5 Days Ago JPMorgan's blockchain unit tests new carbon credit tokenization application with S&P Global
June 30 Ethereum community plans onchain ‘time capsule’ to mark 10th anniversary of network’s genesis block
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open