Terra governance system passes plan to burn 1.3 billion UST tokens
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.
This amounts to more than 1.3 billion UST, or roughly 11% of the existing 11.2 billion UST supply, according to CoinGecko. The proposal received 99.3% of the total cast votes in favor of it. Following the vote, Terraform Labs, Terra’s core development firm, will proceed to execute the burn.