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Rede Terra announces emergency measures to save LUNA and stablecoin UST – Money Times

One of the measures announced by the Terra network is the burning of 371 million UST that are on Ethereum (Image: Crypto Times)

Terraform Labsthe company behind the development of Earth network (LUNA)published additional emergency measures this Thursday (12) to help restore the ballast of the TerraUSD (UST) stablecoin and the price of governance token and staking, MOON.

The company announced that there will be three additional measures. One of them is the burning of the rest of UST in the community pool, which is currently over 1 billion USTwhich are worth about US$590 million at current prices.

The second emergency action is the burning of 371 million UST that are still being used in Ethereum for liquidity incentives. This amount of stablecoin will be sent to earth network and then burned.

Rede Terra in defense against governance attacks

The third and final measure announced by the earth network will be the staking of 240 million in MOON to protect the project from potential governance attacks.

MOON is the governance token of Earthwhich means it can be used as a vote on proposals within the ecosystem.

Since the price of the token is very low, it is possible, in theory, for someone to buy a very large amount of MOON and use it to attack the net. Therefore, with this amount of MOON in staking defending the network, it becomes more difficult for Earth be the target of an attack.

According to Decrypt, the amount in circulation of MOON increased to 13.72 billion in the last week, due to proposal 1164, announced yesterday fur Terraform Labs CEO Do Kwon. The proposal raised the amount of governance tokens that can be issued per block.

“Please note that Terraform Labs has been working non-stop for the past four days on solutions and potential means to help affected users and stop bleeding [da rede Terra],” Terraform Labs said in one of its tweets.

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