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The Terra Community Began To Burn 88.675 Million LUNA To Promote Ecosystem Development
Summary: The Terra community has passed a new proposal yesterday, which is to burn 88.675 million Terra (LUNA) tokens (currently worth nearly $4.5 billion), and mint about 4 to 5 million UST stablecoins. The initial 520,000 LUNA has been successfully burned, while the whole burning procedure will be completed in the next two weeks. Terra said ...
The Terra community has passed a new proposal yesterday, which is to burn 88.675 million Terra (LUNA) tokens (currently worth nearly $4.5 billion), and mint about 4 to 5 million UST stablecoins.
The initial 520,000 LUNA has been successfully burned, while the whole burning procedure will be completed in the next two weeks.
Terra said that the implementation of the new proposal represents one of the largest burning of major layer one assets in the history of the crypto market.
Terra is a blockchain protocol that supports stable programmable payments and open financial infrastructure. It is backed by a basket of fiat pegged stablecoins, which are algorithmically stable by its native token, Luna.
According to Bitpush Terminal, the LUNA token hit a new high of $54.32 on Wednesday. As of press time, the trading price was $53.76 with a 24-hour increase of 5.68%.
By Mary Liu
Tags: LUNA,Stablecoin,Terra
Link: The Terra Community Began To Burn 88.675 Million LUNA To Promote Ecosystem Development [Copy]
