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Terra’s Proposal to Burn UST Failed to Execute Due to Technical Issues.
The team’s proposal to burn UST failed, as a new proposal is launched toward that effect.
TerraForm Labs, the organization in charge of the Terra ecosystem, has been working round the clock to ensure investors who incurred huge losses via the de-peg of its stablecoin UST are made whole again.
After launching a proposal to create a new chain that will airdrop new LUNA tokens to holders of the old ones LUNA Classic (LUNC), the team decided to heed calls from the community and burn the remaining UST in its community pool and cross-chain liquidity incentive.
However, efforts to launch the proposal failed due to a technical issue, the TerraForm Labs team stated on Twitter.
Proposal 1188, which was created to burn the remaining UST present in the community pool and cross-chain liquidity incentives, had already passed the necessary requirements; however, it failed to execute because of technical issues.
Explaining the development to the Terra community, the team said the technical issues came from the fact that the proposal attempted to “burn more UST from the pool than existed.”
1/ Prop 1188 to ‘Burn the remaining UST in community pool + cross-chain liquidity incentive UST’ passed but did not successfully execute due to technical issues – it attempted to burn more $UST from the pool than existed.
More info can be found here 👇https://t.co/7iqXQ2Z5o1 https://t.co/p8QUZaj6kr
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 20, 2022
Building Developer of Terra, Will Chen Said: “Terra can’t make it “disappear” – the vote passed and was executed automatically by the system. However the execution failed due to incorrect parameter (malformed proposal that was not caught by proposer).”
However, the team is still committed to making investors whole again, as it disclosed that a new proposal 1747 has been launched with updated parameters to facilitate the burning of UST.
“If passed, this proposal will burn the remaining UST in the Community Pool + cross-chain liquidity incentive $UST,” the team added.
2/ A new prop (Prop 1747) has been posted with updated parameters. If passed, this proposal will burn the remaining $UST in the Community Pool + cross-chain liquidity incentive $UST. pic.twitter.com/jvT4Tx74TR
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 20, 2022
Meanwhile, voting is still ongoing to determine whether a new Terra chain and LUNA tokens will be created. So far, things seem likely that a new Terra chain will be created as most of the voters support the initiative.