Terra announces new emergency measures to support LUNA and UST
Terraform Labs has begun implementing emergency measures to save LUNA and re-peg the TerraUSD (UST) stablecoin.
According to the Twitter thread, the company aims to burn over 1 billion UST in the community pool, as well as burn the remaining 371 million UST cross-chain on Ethereum and with the staking of 240 million LUNA the company aims to strengthen Terra’s economy and prevent network governance attacks.
Terraform Labs is currently exploring the best ways to increase the burn rate of the remainder of its UST holdings. The implementation of all three measures will help fix the on-chain swap spreads on the system, which will hopefully peg UST again.
In addition, the circulating supply of LUNA increased by 4.355 billion on May 12, and more than 1 billion have been issued in the past two hours, according to Terra Analytics.
Subscribe now:
t.me/therussianmarket
