Terra shares more details of their plan to rescue UST, which will include burning $1.4B UST and staking 240M LUNA. Will it be enough? (Reporting via JoeNakamoto)
by user The Intern on the Terra Research forum. In total, the burn should take the total amount of UST burned to 1.4 billion UST, or “11% of the outstanding UST liabilities,” the site details.
In summary, the team hopes that expanding the base pool for the coin and burning more should save UST. Point three, concerning the staking of 240 million LUNA, will reportedly strengthen the network governance of the TERRA ecosystem. However, for some observers, staking 240 million LUNA, or roughly equivalent to $200 million dollars, is not enough to save the project.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Over $700 Million Liquidated as Terra (LUNA) Crashes Below $1The crypto markets turned dark red once more, with the number of liquidated traders nearing 300,000.
Read more »
Terra, Luna and UST: How we got hereThe situation surrounding TerraUSD is complicated and has unfolded exceedingly fast. Here's what you should know so far.
Read more »
UST Falls to $0.35, Terra Futures See $106M in LiquidationsFutures traders lost $106 million on Terra’s LUNA in the past 24 hours as prices fell below $7. By shauryamalwa
Read more »
Luna price collapses below $5 as UST slides further from dollar pegThe prices of Luna (LUNA) and its related stablecoin TerraUSD (UST) are in freefall, straining the entire project.
Read more »