The proposal to burn 88.7 million Terra (LUNA) tokens was given a green light with the goal of minting 4-5 million TerraUSD.
Solana has surpassed Cardano and Tether to rank fourth in the list of top cryptos as it recently gained momentum from its foray into Web 3.0 gaming development.
In new funding round hosted by the NFT metaverse gaming platform, The Sandbox, the firm raised around $93 million. SoftBank Vision Fund 2 led this funding round, which was its first crypto investment.
The Squid Game-inspired cryptocurrency now has a market capitalization of more than $174 million.