Proposal to Burn 1.3bn UST Tokens Wins Approval from Terra Governance

The Terra governance has approved the proposal to burn a certain amount of TerraUSD (UST) tokens. The tokens were held in the project’s community pool and also deployed for past liquidity on Ethereum.

The total number of votes favouring the action was 99.3% of the total number. According to CoinGecko, the total number of tokens to be burnt equals more than 1.3 billion UST or around 11% of the existing 11.2 billion UST supply.
The burn will be taken care of by Terraform Labs – Terra’s core development firm – and it will be conducted in two phases, the Terra governance forum …

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