The proposal to burn the excess TerraUSD (UST) in circulation has received the vast support of the Terra community members. This implies that the team is set to remove 1.388 Billion UST from the circulating supply permanently.
1.388 Billion UST To Be Destroyed
Terraform Labs, the firm behind the Terra blockchain project led by Do Kwon, has recently announced that the governance voting for its proposal to burn the excess TerraUSD (UST) has ended.
The proposal 1747 titled, “Burn The Remaining UST in the Community Pool + Cross-Chain Liquidity Incentive UST 2” was submitted about a week ago in the Terra governance platform to determine whether to burn the excess UST in circulation.
How the Terra Community Voted
According to the data found on Terra Station, the proposal attracted a total of 154,583,349 votes, representing 42.1% of those eligible to vote.
Based on the data, out of the total votes, 153.64 million votes went in favor of the proposal, representing 99% of the total votes. This indicates that the Terra community is fully in support of the enormous burn.
Now that the vote has ended in favor of the burn, the Terra team will not hesitate to implement the community’s decision by destroying the remaining UST in the community pool, including the stablecoin in the cross-chain and liquidity incentive protocol.
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The total amount of tokens to be burned is 1.388 UST. 1.017 billion of these tokens are held in the community pool, while about 370 million tokens are in Ethereum.
It should also be noted that the amount of tokens to be burned is 11% of TerraUSD (UST) total supply. This burn is urgently needed to help restore the value of the depegged stablecoin, to give UST holders a reason to smile again.
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