Following an active day of community discussion around prop 82 | Terra - Announcements

Following an active day of community discussion around prop 82, the community has spoken

Proposal 82: https://station.terra.money/proposal/82

With the threshold currently passed and roughly 96% of votes reporting "No," the community pool will be swapped out for $UST after Columbus-5 and used to bootstrap Ozone. More details will follow after the conclusion of the current voting period.

The community's decision reflects the idea that community-funded growth from the treasury for a blossoming DeFi ecosystem on Terra is the optimal path forward for the network to maximize value and adoption in the long term.

With Ozone, Terra’s DeFi ecosystem will be backstopped by an insurance mutual protocol that facilitates leveraged coverage of technical failure risks to apps in the Terra DeFi ecosystem. Check out more details below
https://agora.terra.money/t/ozone-insurance-mechanism-v2-1/914

Once Columbus-5 goes live, seignorage generated by the progressive adoption of UST, expanding its supply, will be burned -- meaning that more uptake of Terra’s DeFi ecosystem translates to persistent burns of LUNA and a scarcer supply.

Rather than burning a sizeable portion of LUNA in one event via the “Yes” option of prop 82, LUNA burns will more accurately reflect the progressive expansion of Terra’s network effects and ecosystem usage -- gradually accruing value to LUNA holders.

We welcome and encourage the type of civil, thoughtful, and active participation of the community in decisions like prop 82 moving forward. You all are amazing.

Once again, our community has proven that deliberate, distributed debate about highly impactful topics with significant value and risk on the hook can deliver decisions that strive for the net benefit of the network’s long-term outlook.

https://twitter.com/terra_money/status/1395881207284523008?s=21