Terra community proposes to burn 1.847 Billion UST

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Terra (LUNA) protocol was recently exploited and caught in the death spiral. LUNA token lost almost 99.99% of its value before the exploit. After all the mess, Do Kwon proposed a V2 migration and the proposal got majority of votes in favour.

luna airdrop

Now, Terra community proposes a new proposal to burn approximately 1,847,079,725 UST in Luna Foundation Guard (LFG) wallet before doing an airdrop snapshot. Group of Terra holders claims that, If this proposal passed, more LUNA will be minted to burn UST in the circulation which will cause further price drop for LUNA and huge increase in the supply of LUNA.

But according to the proposer, they just want to burn all LFG’s UST before doing airdrop snapshot!

The snapshot will be taken on 27th May. There will be more proposal coming every day till the snapshot happens.

Terra community proposal to burn UST Click Here 

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