Huge UST to be Burnt Soon, While the Launch of LUNA 2.0 Delayed by Another Day!

The notorious LUNA-UST crash that shook the entire crypto space had emptied many wallets in the recent past. The Terra had proposed a Revival plan which was passed with the majority of the votes and was supposed to go live on 27 May 2022. However, in a recent update, the launch is delayed while the reasons are unknown. 

Now, the LUNA 2.0 will go live on May 28th, 2022 at 6:00 Am UTC. A series of threads containing this specific information also included the events leading up to the launch, 

  • Terraform Labs(TFL) will share the penultimate genesis.json file with participating validators 
  • TFL will collect all gen_tx’s from validators
  • The first block will be produced following the supermajority of interconnected validators running simultaneously
  • Terra Station, Terra Finder & Terra Observer will have full functionality when the chain goes live
  • The Terra Classic DApps would be migrated to Terra, while their launch is depending upon several other factors

Secondly, along with the LUNA prices, the attempts of restoring the UST stablecoin back to $1 are also going-on. A new proposal of burning the excess supply of UST has been passed from its community pool. Many within the community were demanding a LUNA & UST burn ever since the crisis began due to excess minting of LUNA tokens. However, a new LUNA 2.0 chain was developed where-in stablecoin UST was completely marginalized. 

According to the proposal, the burn intends to reduce the bad debt of Terra and could play a significant role in restoring the UST peg. Earlier a proposal was submitted immediately after the crash but could not be passed due to the mismatch in the amount of UST in the community pool and the proposal. 

And hence the community created another proposal with the exact figures, which is now passed with 153,644,852 votes in favour of burning 1 billion excess UST supply. 

Photo of Sahana Vibhute
Source: Read Full Article