{"id":453591,"date":"2022-05-27T12:19:57","date_gmt":"2022-05-27T09:19:57","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/terra-to-burn-1b-ust-from-the-community-pool-as-holders-vote-for-it\/"},"modified":"2022-05-27T12:19:57","modified_gmt":"2022-05-27T09:19:57","slug":"terra-to-burn-1b-ust-from-the-community-pool-as-holders-vote-for-it","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/terra-to-burn-1b-ust-from-the-community-pool-as-holders-vote-for-it\/","title":{"rendered":"# Terra to burn 1B UST from the community pool as holders vote for it"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ab5b363a35\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ab5b363a35\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/terra-to-burn-1b-ust-from-the-community-pool-as-holders-vote-for-it\/#%E2%80%9D_Terra_to_burn_1B_UST_from_the_community_pool_as_holders_vote_for_it_%E2%80%9C\" >&#8221; Terra to burn 1B UST from the community pool as holders vote for it &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Terra_to_burn_1B_UST_from_the_community_pool_as_holders_vote_for_it_%E2%80%9C\"><\/span>&#8221; Terra to burn 1B UST from the community pool as holders vote for it &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvNzliYjM3MmMtZjc0Yy00NDdlLWJiMGQtOTlhZDliNTdkZGJiLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>In another attempt to support the revival of Terra (LUNA), the community voted to burn a large amount of UST from its community pool.\u00a0<\/p>\n<p>Earlier in May, Terra founder Do Kwon <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/stablekwon\/status\/1524331181184983040\">explained<\/a> 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\u2019s community pool and the remaining cross-chain UST that\u2019s deployed on the Ethereum blockchain as incentives. <\/p>\n<p>According to the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/agora.terra.money\/t\/burn-the-remaining-ust-in-the-community-pool-cross-chain-liquidity-incentive-ust\/6837\">proposal<\/a>, the burn will help \u201creduce the outstanding bad debt of the Terra economy.\u201d Apart from this, it\u2019s also expected to play a significant part in restoring the UST dollar peg by eliminating a big chunk of excess supply. <\/p>\n<p>The proposal was submitted on May 12 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 of another proposal that was executed, resulting in the removal of some funds from the pool. <\/p>\n<p>Despite this, the community created another <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/agora.terra.money\/t\/proposal-burn-the-remaining-ust-in-the-community-pool-cross-chain-liquidity-incentive-ust-2\/34012\">proposal<\/a> on May 20, to proceed with the burn. After seven days, the proposal has finally <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/station.terra.money\/proposal\/1747\">passed<\/a> with 153,644,852 voting in favor of burning the UST supply. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Exchanges show initial support to Terra revival by listing new LUNA token<\/em><\/strong><\/p>\n<p>Apart from community burning efforts to support the project, crypto exchange MEXC Global also committed to a month-long buyback and burn for LUNA. The exchange platform pledged to use the trading fees earned from the new LUNA\/USDT spot trading pair to buy LUNA and send it to the burning wallet address. <\/p>\n<p>Despite sharing a burn address with the Terra community, Kwon is not in favor of burning. The infamous Terra founder warned the \u201cLUNAtics\u201d about sending LUNA to the burning address. According to Kwon, burning will not do anything. He told users that \u201cnothing h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens except that you lose your tokens.\u201d<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/terra-to-burn-1b-ust-from-the-community-pool-as-holders-vote-for-it\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Terra to burn 1B UST from the community pool as holders vote for it &#8220; In another attempt to support the revival of Terra (LUNA), the community voted to burn a large amount of UST from its community pool.\u00a0 Earlier in May, Terra founder Do Kwon explained that a potential solution to the Terra&#8230;<\/p>\n","protected":false},"author":1,"featured_media":453592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvNzliYjM3MmMtZjc0Yy00NDdlLWJiMGQtOTlhZDliNTdkZGJiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74894,82625,74863,74891,75493,122378],"class_list":["post-453591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-blockchain","tag-burn","tag-cryptocurrencies","tag-ethereum","tag-stablecoin","tag-terra"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/453591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=453591"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/453591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/453592"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=453591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=453591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=453591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}