Terra to burn $1.4 billion UST and stake 240 million LUNA to ‘stop the bleeding’
Terraform Labs has proposed several additional “emergency actions” to save the network. They include burning all remaining UST held in Terra’s community pool, burning an additional 371 million UST currently held on Ethereum, and staking 240 million LUNA tokens to defend the network from governance attacks.
In total, the burn should take the total amount of UST burned to 1.4 billion UST, or 11% of the outstanding UST liabilities,.