I’m new to crypto. I’ve been following the threads on governance and I don’t understand a few things. For now, can anyone explain this?:
I have an X amount of UST and LUNA in my Terra Station wallet. Is this part of the community pool? If the burn proposal passes, will my UST and LUNA in the Terra Station Wallet be burned?
I just want to make sure I understand the technical stuff enough to not make a stupid mistake.
The ‘community pool’ is a ‘treasury’ that is held by the project itself, but is not owned by anyone. It takes a certain percentage (2% in some projects, not sure what it is for Luna after Columbus5) from the staking reward and accumulates it. So it becomes a humongous sum after some time.
So no, your UST and Luna are not a part of the community pool and it will not be burned. As a general rule, no one can burn your crypto in a non-custodial wallet, there have been two exceptions that I know of, with the $Juno whale a short time ago and the clawback of $OSMO rewards in Osmosis last year.