Burn the Remaining Terra USD (UST) Voting Will End in 12 Hours as 99% of Votes Favor the Proposal.
The Terra community is in support of the proposal to burn the excess UST in circulation.
TerraForm Labs has announced that voting for its proposal to burn the excess TerraUSD Classic (USTC) supply will be ending in less than 24 hours.
The voting period for Prop 1747 to burn the remaining $UST in the Community Pool + cross-chain liquidity incentive $UST ends in less than 24 hours!
Cast your vote ?https://t.co/tOh9pb2DgU
View the proposal details ?
— Terra ? Powered by LUNA ? (@terra_money) May 25, 2022
Proposal 1747 named “Burn The Remaining UST in the Community Pool + Cross-Chain Liquidity Incentive UST 2” was submitted seven days ago in Terra Station to determine the best approach to make UST investors whole.
Result of Users’ Votes
Since the proposal was submitted, over 148.43 million votes have been made by Terra community members, with the vast majority of participants voting in support of the proposal.
According to data on Terra Station, out of the more than 148.43 million votes recorded so far, 99% representing approximately 147.5 million of the total votes are in favor of the proposal, while 5,491 votes are not in support.
Terra’s Next Move for UST Holders
With voting for the proposal expected to end in less than 12 hours, Terra will implement the community’s decision by burning the remaining UST in the community pool as well as the stablecoin in the cross-chain and liquidity incentive protocol.
The move by Terra is part of efforts by the Terra team to regain the stablecoin’s peg to the United States Dollar, to make investors whole again.
Since it is likely that Terra will burn its excess USTC reserve to boost the stablecoin’s value, investors seem excited as seen in the value of the cryptocurrency.
UST Classic has surged 35% in the last 24 hours. At press time, USTC is currently changing hands at $0.09, according to data on Coingecko.
Previous Plan to Burn UST Failed
Recall that the previous proposal to burn the excess UST supply did not go as planned, as the team reported that the proposal encountered technical issues along the way.
Despite the fact that the vote passed, the proposal failed to execute due to a technical glitch.
“Terra can’t make it ‘disappear’ – the vote passed and was executed automatically by the system. However, the execution failed due to an incorrect parameter (a malformed proposal that was not caught by the proposer),” Will Chen, Terra’s Building Developer said.
Meanwhile, Terra’s proposal to create a new chain for LUNA without the algorithmic stablecoin also passed, with the rebirth of the network expected to go live tomorrow.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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