Terra Passes Highly Anticipated Proposal to Burn Nearly 89M LUNA

Posted on by American Coins & Gold

Terra Passes Highly Anticipated Proposal to Burn Nearly 89M LUNA
The Terra community on Tuesday night passed a popular proposal to burn about 88.7 million terra (LUNA) tokens, worth roughly $4.5 billion at current prices, and mint about four million to five million UST stablecoins, a decision that should further boost the Terra project, according to analysts.The burning will be executed over the next two weeks, with an initial burn of 520,000 LUNA that already took place Tuesday night. At press time, LUNA was changing hands at $53.74, up 7.03% in the past 24 hours, according to TradingView and Binance. Its price set a new record high $54.95 at around…