The proposal has passed after getting more than 150 million votes in favor of burning UST.
Earlier in May, Terra founder Do Kwonthat a potential solution to the Terra debacle is to absorb the stablecoin supply. In response to this, users proposed the burning of the 1 billion TerraUSD that was stored in Terra’s community pool and the remaining cross-chain UST that’s deployed on the Ethereum blockchain as incentives., the burn will help “reduce the outstanding bad debt of the Terra economy.
The proposal was submitted on May 12 and was expected to be finalized after seven days. However, it failed to execute due to a mismatch in the amount of UST in the community pool and the proposal. This is because of another proposal that was executed, resulting in the removal of some funds from the pool.
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