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Benzinga
Benzinga
Business
Adrian Zmudzinski

Terra (LUNA) Community Approves Proposal To Burn 1.3B TerraUSD (UST)

UST TerraUSD LUNA United States Crypto

Terra (CRYPTO: LUNA) tokenholders voted on proposal 1747 and decided to burn 1.388 billion TerraUSD (CRYPTO: UST) tokens after the stablecoin collapsed earlier this month.

What Happened: The implementation of proposal 1747 will result in a reduction of UST’s supply by about 11% according to CoinMarketCap's estimate of the stablecoin's total supply of 11.28 billion UST. More than 99% of all 154 million votes approved the burn proposal while under 1% abstained and only 10,000 voted against its implementation.

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