Terra's Proposal of "Emergency Allocation Distribution Method

Jun 15,2022
KingData News: Proposal 446, the Terra Community's "Emergency Allocation Distribution Method" has passed with 304 million votes in favor (88.36%), which will support the allocation plan outlined on Agora and plans to create a community committee of long-time Terra community members (Karma, Panterra0x, Cephii, Seb and GJ).
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.