Terra governance system passes plan to burn 1.3 billion UST tokens - Aliens: AI Crypto News & Markets Updates
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Terra governance system passes plan to burn 1.3 billion UST tokens

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The Block

Thu, May 26, 2022

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Terra’s core developers got approval to burn 1.3 billion UST from its community pool following a governance vote.

The Terra governance system has voted to approve a proposal to burn all TerraUSD (UST) tokens held in the project’s community pool and UST deployed for past liquidity incentives on Ethereum.

First, it will send about 1 billion UST from Terra's community pool to a burn module where it will be permanently removed from the supply.

The approval of the UST burn comes a day after Terra's governance system also approved Terraform’s revival plan to re-launch the Terra blockchain and create LUNA 2.0 tokens.

However, the new Terra blockchain will exist without the UST tokens, and their use will be restricted to the original blockchain.

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