Terra to burn $1.4B UST and stake 240M LUNA to ‘stop the bleeding’ -Breaking
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Terra to burn $1.4B UST and stake 240M LUNA to ‘stop the bleeding’Continue to follow the rescue story. In a tweet thread, the Terra Money Twitter (NYSE:) account went into greater detail regarding the CEO of Terraform Labs, Do Kwon’s, rescue plan for UST.
This thread sheds some light on Proposal 164 Do Kwon’s initial strategy for TerraStarting May 11. This proposal will better balance Terra USD (UST), the algorithmic stablecoin, by increasing the base currency pool. This proposal is Received 220,000 votes, at over 50%.
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