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
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Wait a second. 18 hours. Isn’t that literally THE timing of the snapshot? What are the chances?? Or did I read the clock wrong (trying to match Singapore time to my local time).
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There are so many plot twists to this movie. Seriously ……
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I’ll be curious to see when burn will actually start and what effect this may have on people immediately dumping their UST right after snapshot.
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So after the snapshot is taken , the old UST tokens are burnt . Is that what u mean
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Yeah burn happens after snapshot (that’s what it looks like). I am sure a ton of people will want to dump UST after snapshot shot. The timing of the community supply will be interesting to factor in.
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So, is this another shenanigan? They burn the USTC, but not before quietly pocketing the corresponding UST airdrop in this fishy way? In the light of this, maybe the failure of the first burn proposal wasn't so much due to incompetence after all..
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This also explains why Kwon sticked to proposal 1623 even after altering it in the midst of the voting process: A new proposal would be too late for the airdrop. This way he screwed UST holders twice (reducing their share by 5% and diluting them with the delayed USTC burn). SMH
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The timing cf the snapshot means the community pool will receive 30% of new tokens which is 3X the amount allocated for "pre-attack" UST holders who receive 10%. - Thoughts?
@FatManTerraThanks. Twitter will use this to make your timeline better. UndoUndo
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Another thought on this. Do we know how soon burn happens after proposal passes? I wonder also the impact of being able to sell UST after snap shot. Won’t everyone sell? Will there be buyers? Why would someone buy? Will the burn actually benefit those still holding? Thoughts??
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