Terra to propose destruction of 90 million Luna to mint at least 3 billion UST to insurance agreement Ozone

delicianice@newsletter.paragraph.com (Delicianice) — Sat, 23 Oct 2021 09:11:20 GMT

Terra co-founder Do Kwon has tweeted that he will launch a proposal next week to destroy 90 million Luna in the community pool to mint UST, the USD stablecoin used in Terra's eco-insurance protocol Ozone, which would mean reducing the total number of Luna by 90 million and increasing it by 3-4 billion UST. He believes that this transaction will generate a significant amount of transaction fee revenue, which could increase Luna's pledged revenue by a factor of 5.