Would this help boost the price of UST by burning all this UST?
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in case you didnt notice. when luna price up/down so does ust, and vice versa
they both still correlated, although the minting/burning function already stop.
theoritically the ust burning would up the ust and luna price, but i’m not really sure.
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Why voting is so slow, while voting on Terra alliance new chain is almost done??
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The initial proposal was posted on 12/05 as an additional attempt to help restore the peg back to 1$.
Even back then there was some skepticism as to what effect this realistically could have considering CEX etc.
However now that the role of $UST in the ecosystem is downplayed more and more and the team wanting to move on without $UST, does the peg even have a meaning anymore with the mint/burn mechanism being turned off and $UST trading at 7 cents right now?
p.s. Why are people literally burning their own money with Luna? I’m pretty sure Do Kwon half jokingly gave someone a burn address, because they vehemently kept asking for a burn or a burn address, so they could burn the token themselves and now there are actually people throwing there money away?
There are 6.5 trillion tokens in circulating supply, even if you burned 100.000.000.000, I can’t see that doing much long term. I also can’t imagine any pre-crash Luna holder doing this.
What Greece did when there was an the bank run 2015? Greek banks will not open. Terra must slow stablecoin transactions or do same as banks until stablecoin re-peg.
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Considering we have a total of 1,388,233,195 UST to burn. And considering that Luna’s price is at 0.0001. And the price of UST at 0.05.
If we use the UST to buy Luna then we can buy 694,116,597,500 Lunas (694 BI Lunas) to burn.
That’s 10% of Luna’s current offer.
This would be much better for the UST to recover value. Because the problem with the value of UST is Luna’s oversupply. It makes no sense to burn UST while keeping Luna in oversupply. Keeping the problem.
YOU MAY CHANGE THE PROPOSAL AFTER THE APPROVAL QUORUM IS REACHED. DK DID THIS IN HIS PROPOSAL AND TERRALABS DIDN’T INVALIDATE.
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Subsequently, minting capacity will increase from $293M to ~$1200M. The result will help expedite the outflows of UST from the system, reducing swap spreads and pressure on the UST peg but coming at the cost of the LUNA price
^Sword of Damocles^
ICYMI : at the cost of the LUNA price
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How’s it possible for total votes to decrease over time… is this normal? Been taking screenshots of the votes. Earlier today was 117,170,577. 8 hours later now its 114,258,553
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maybe some ui glitch? you can get the exact info here https://lcd.terra.dev/cosmos/gov/v1beta1/proposals/1747/tally
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creo que esto es el primer paso que hay que dar para volver reconstruir el ecosistema… espero que la gente vote a conciencia
If it passes, UST will be burnt after the post-attack snapshot, so total supply of UST will be 11.2 billion, not less. Why not burn before post-attack snapshot, so we can get a little more share of terra 2.0.
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A validator may vote one way, all delegated votes they have carry over eith them. Individual delegated wallets then might vote another way, they votes removed from validators vote and used as their vote. Thus staked users can vote their own way against validators.This also makes votes change over time.
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what is the benefit of burning these UST?
Reduce its market cap.
please vote for this proposal !
Manipulated like burn+commission plan votes.
2 more days… with almost enough votes
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I have the same question, will this burn pump luna classic? Whats the benefit?
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What this would do is lower the funds we have to back up UST and do future buy backs. There are other ways to burn LUNA(C) & UST and in theory increasing the value of our Funds. Right now each of our UST tokens is pennies to the dollar, but with a fully funded UST Token, those Tokens will be worth 1.3 Billion. My plan (1866) covers this btw.
Burning the communities UST now not only reduces the funds value, but could decrease the chances of a recovery. We need those funds fully realized.
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