TerraUSD (Wormhole)(UST) Burn The Remaining UST

The Terra community’s proposal Prop 1747 to burn the remaining UST in the community pool and cross-chain liquidity incentive tokens was passed with a 99.39% approval rate.

According to the proposal, the total burn amount is about 1.388 billion UST, which is about 11% of the existing UST supply. After the vote, Terraform Labs will execute the burn plan, a two-stage process. First, it will send ~1.017 billion UST from Terra's community pool to a burn module, where it will be permanently removed from the supply. The team will then manually bridge the 370 million UST from the Ethereum blockchain back to Terra and burn it.

Previously, the Terra community proposed a Prop 1188 proposal to "destroy the remaining UST in the community pool + cross-chain liquidity incentive UST", so that ordinary UST holders can get more airdrops. Although the proposal was finally passed, it was not successfully implemented due to technical failure due to parameter settings, and then the community revised and proposed Prop 1747 again.