Member-only story
Columbus-5 mainnet Upgrade for Terra Protocol is on the horizon.
The most anticipated upgrade for Terra Protocol is coming.
The development team of Terra Protocol is actively working on the mainnet upgrade -Colombus-5. This brings a table full of upgrades to the mainnet.
Simplifying treasury module logic- Seigniorage burning proposal
In the central bank of terra protocol which is the treasury, when luna is burned to mint new Terra stable coins, seigniorage is created which currently goes to
- A keyless on-chain wallet which is controlled by Luna governance to fund various activities and innovative by terra ecosystem
- Goes to reward pool, to delegators to validators over a one-year distribution.
As the minting of Terra stable coin becoming exponential, the community rewards and the oracle reward pools become overfunded by the seigniorage distribution.
The Columbus-5 proposal is to-
Burn all remaining funds in the community pool. But the community will be well funded, as proposals are in the voting phase.
All future seigniorage to be burned so that it won't get routed back to community rewards. Also, limit the oracle reward pools. So, minting 1 UST will burn 1$…
