One billion UST tokens will be burned, according to your community

In an effort to revive the price of Terra’s digital currency, ‌ the holders of this digital currency voted که resulting in the decision to burn a large amount of UST Stable Coin from the digital currency’s liquidity pools. The Terra Digital Currency community hopes to re-establish the UST dollar-stable exchange rate by burning excess supply tokens.

To Report It was the Kevin Telegraph in early May that Terra co-founder De Quan explained that a potential way to offset the fall in the Luna price was to reduce the digital currency’s stable coins by restricting its supply. In response to the two coins, the digital currency community suggested that one billion UST tokens stored in the community pool be burned, and that the UST tokens used in the Atrium blockchain remain in place to encourage individuals. To use this digital currency.

Also read: Changing views on Do Quann’s offer for Fork Luna; Now 78% of the participants agree with his plan

Part of the text of the proposal states that burning tokens will offset the arrears of your economy. On the other hand, eliminating large amounts of surplus supply will balance supply and demand and re-establish the US dollar-UST bond.

The offer was made on May 12 and was expected to be finalized after 7 days, but it was not implemented because the amount of UST in the pool was inconsistent with the amount suggested in the plan. The reason for this lack of inventory was that another project had already been implemented, during which part of the funds stored in this pool of liquidity had been used up.

However, another proposal was made on May 20 to burn tokens, and after 7 days, the UST tokens offer was finally approved with 153,644,852 votes in favor.

Aside from the digital currency community’s efforts to support the project, MEXC Global also pledged to support Luna with a one-month redemption and tokens burning plan. For this purpose, the exchange uses the transaction fees earned from the Luna / Tetra currency pair to buy Luna and send it to the burning tokens wallet.

Even though the address of the token wallet is shared with users, Quan still does not support the token idea. Outraged by many investors in the digital currency, De Quann took the opposite stance on Luna’s tokens. According to Do Kwan, burning is of no use. Quan warned the digital currency community:

[پس از توکن‌سوزی] Nothing happens except that you lose your tokens.