Terra Initiates Proposal to Burn Remaining UST
– A new proposal named “Agora” was presented on May 12 by Do Kwon in order to rescue UST.
– The proposal is concentrated on adjustments to mint and burn parameters of UST.
– The voting is currently underway, with 62% of votes in favor.
– The main points of the suggested plan are to increase the BasePool from 50 million to 100 million SDR and to decrease PoolRecoveryBlock from 36 to 18 blocks.
– The result should help to accelerate UST outflows from the system, reducing swap spreads and pressure on UST peg, but coming at the cost of LUNA token.
– Terraform Labs urges its followers that once the proposal for adjustments is accepted, the recovery will speed up.
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