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Official: Terra Team burned 1.388 billion UST

Burn Terra USD (UST) Remaining Voting ends when 99% of votes support the Proposal.

The Terra community supports the proposal to burn excess UST in circulation.

Terraform Labs has announced that the voting on the proposal to burn excess TerraUSD Classic (USTC) has ended.

Proposal 1747 entitled “Burn Remaining UST in Community Pool + UST Incentivize Cross Chain Liquidity 2” was submitted seven days ago at Terra Station to determine the best approach to attract UST investors overview.

User Poll Results

Since the proposal was submitted, more than 153.64 million votes have been cast by Terra community members, with the vast majority of participants voting in favor of the proposal.

According to data on Terra Station, of the more than 154.5 million votes recorded so far, 99% represents about 153.64 million total votes in favor of the proposal, while 5,491 votes in favor.

User Poll Results
User Poll Results

Terra USD voting has ended

When the voting on the proposal ends, Terra will implement the community’s decision by burning the remaining UST in the community pool as well as the stablecoin in the liquidity incentive and cross-chain protocol.

The Terra community has passed a proposal to burn 1.388 billion USTs held in the community pool, of which there are approximately 1.017 billion USTs in the community pool and about 370 million in Ethereum, and the burned amounts represent 11% of the total UST.

Terra’s move is part of an effort by the Terra team to regain the stablecoin’s pegged rate to the US Dollar, to attract investors back.

Since it is likely that Terra will burn its excess USTC reserves to increase the value of the stablecoin, investors seem excited to see the value of the cryptocurrency.

The previous UST recording plan failed

Recall that the previous proposal to burn off excess supply of UST did not go as planned, as the team reported that the proposal encountered technical problems during implementation.

Although the vote was passed, the proposal could not be implemented due to technical problems.

Terra couldn’t make it ‘disappear‘ – the vote passed and was done automatically by the system. However, the execution failed due to an incorrect parameter (a malformed proposal not captured by the proponent),” said Will Chen, Terra Building Developer.

Meanwhile, Terra’s proposal to create a new chain for LUNA without an algorithmic stablecoin has also been adopted, with the network’s regeneration expected to go live tomorrow.