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

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

In the quest to support the revival of Terra (LUNA), the community voted to burn a large amount of UST from its community pool. Earlier in May, the 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 of 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. Read Also: Charles Hoskinson stresses Cardano’s focus on doing only regulated business As stated by the proposal, the burn will help “reduce the outstanding bad debt of the Terra economy.” Apart from this, it’s also expected to play a significant part in restoring the UST dollar peg by eliminating a big chunk of ex...
What is Terra (LUNA)? Get To Your Skull Everything About Terra.
Press Release

What is Terra (LUNA)? Get To Your Skull Everything About Terra.

LUNA is a native cryptocurrency of the Terra network, a blockchain project that was developed by the South Korean firm Terraform Labs. The tech firm is co-founded by blockchain developers Do Kwon and Daniel Shin. It was launched in 2019. What is LUNA? Terra (LUNA) is a native asset of the Terra network. LUNA holders can use the coin to pay transaction fees and more also can be used to participate in Terra’s governance system which includes proposing and/or voting for suggested changes that can be made to the ecosystem. They can also choose to stake their coins to earn rewards. You can check out the article on staking. Similar to some cryptocurrencies such as Bitcoin, LUNA coins are limited in supply. LUNA has a maximum supply of one billion coins. After this number is e...