Were the community funds not going to be removed already from the snapshot? I thought I read that somewhere. If that’s the case then there is no benifit to burn them.
So if burning benifits are already removed then does it not make sense to save thise funds as a just in case?
The problem is that there’s no clear/good use of it right now, thus they’re voting for destroying some of the bad debt.
Oh really? That’s interesting, so the total supply is for snapshot terms is around 10,038,000,000 ? Regardless of burn? I thought it had to happen prior. Turns out the vote ends 90 seconds prior to the snapshot. Is the burn automatic when the vote ends?
I think this burn plan is in place to ensure there are no community funds available to the original Luna blockchain post v2 genesis. It makes it that much more difficult for the community to resurrect the original chain. However, if that is the intention the plan will fail as I am confident that the community will come together to work on the original Luna. The first order of business has to be to re-enable delegations for validator staking, so that new community operated validator nodes can be established on the v1 chain.
Quorum reached, has to pass now given number of yes votes
You have to wait until the vote end (11 hours from now).
This vote seems to pass at the same time as post attack snapshot right?? What are the chances?
Do we know how soon burn happens after it is passed? I wonder also the impact of being able to sell UST after snap shot. Won’t everyone sell? Will there be buyers? Why would someone buy? Will the burn actually benefit those still holding?
Thoughts anyone?
No, the snapshot happens 3.5 hours earlier, and the community addresses are excluded from getting v2.
I get that but what harm does it to to hold it? What benifit is there to burn it. These are the questions that need to be considered. If it’s not causing harm, and is no benifit to burn it then why rush to do this?
That is where I am struggling to find a reason to burn potentially $1.3 Billion dollars (in future vale IF we can restore it). Due dillegence needs to be done here.
How long does it take for proposal to be executed now that vote timing is passed?
So it passes but does not take effect immediately?
executes upon approval
So it’s not executed yet. What happened?
When is the transaction taking place? I thought it was automatic when governance votes it in…
Before
It looks to me like it was burnt from dashboard.
I do not see the tx hash in the burn wallet for it though.
Agree with Deathstar_Daddy here. Burning this seems to have no clear reason/plan. What’s the goal here other than try to make coins scarce and hope?
Will the price of UST go up once they’re done burning those UST from the community pool?
This is a bad cat bounce
Can developers confirm if this was executed and community pool supply was burnt?
