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Following the community’s decision to burn nearly 1.4 billion TerraUSD (UST), renamed terraClassicUSD (USTC) as a result of the fork, individual investors want to see if the burnout has occurred since the Terra team made an official statement.
Terra 1747’s proposal, titled “Burn the Remaining USTs in the Community Pool + Promote UST 2 Interconnection Liquidity,” was overwhelmingly overwhelmingly accepted.
Of the 154.5 million participants who voted, 153.6 million were in favor, respectively, the TerraForm Labs team should have burned 1.38 billion USTC, but did not provide a single piece of evidence about the steps taken.
In an attempt to force the Terra command to provide details, reddit user u/After_Newspaper_1033 wrote that there was no information about such a transaction.
We need to reach out to FATMAN or other influencers on Twitter to be heard! – User added.
Responding to the report, several Terra investors noted that burning 1.4 billion Terra will not have a positive impact on the value of USTC, as even more tokens can be issued at any time.
Nothing will happen, even if you burn 1 billion UST. It’s useless anyway… its burning does not change either supply or demand, says Pseudonymous100419.
Another user commented that last week there was a burning of USTC, causing the price of the stablecoin to rise to $ 0.53, and then immediately fell to $ 0.06.
At the time of writing, USTC was trading at $0.03.
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