Just in: Terra's governance proposal to burn 1.38B UST from the Community Pool has officially reached quorum and will pass in 18 hours. This burn will reduce the total UST debt overhang by 11%. https://station.terra.money/proposal/1747
Since seigniorage is off, the two should trade relatively independently as opposed to the by-design parasitic relationship between LUNC and UST that was present earlier - there won't be any direct effects on LUNC, only UST.
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Well according to this it's gonna drop the price of LUNApic.twitter.com/FPiT3fE5B3
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Because the Proposal was written before they disabled the mint/burn function. that section no longer applies.
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What if minting/burning of
$LUNC is reenabled to restore the peg?
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Possible, so it's not completely sure it won't happen.
End of conversation
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