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Do Kwon posts burn address for LUNA and warns investors

 


The Terra revival plan recently announced by Do Kwon , the co-founder and CEO of Terraform Labs, has met with mixed reactions as many doubt that a hard fork will restore the plummeting prices of Terra ( LUNA ) and TerraUSD (UST). heats up. Instead, many in the community have advocated burning LUNA as the most plausible way to get prices back up.


Kwon's proposal to preserve the Terra ecosystem involves separating the current Terra blockchain from the algorithmic stablecoin and distributing a new version of the LUNA tokens to investors. The distribution is based on the stocks before the death spiral. However , several crypto entrepreneurs including Changpeng "CZ" Zhao don't think it's a good idea:


"Supply should be reduced by burning and not a hard fork. That would let down everyone who was trying to save the coin."

In response to repeated requests from the crypto community, Kwon publicly posted a burn address for LUNA on Saturday. All LUNA tokens sent to this address will be burned immediately. This is intended to effectively reduce the LUNA supply in circulation.



Two days after announcing the LUNA burn address, Kwon has reiterated that reducing the LUNA supply outstanding would have no impact on the price. He explained: "Nothing happens except that you lose your tokens."


The Terra co-founder clarified that the burn address was given to users for informational purposes only. He warned against using them:


"I'm happy to provide them for informational purposes, but I want to make it clear that you shouldn't burn tokens unless you know exactly what you're doing. Personally, I don't understand."

However, the release of the address created further confusion among investors. As Cointelegraph previously reported, investors are viewing LUNA's high volatility as a lucrative opportunity . Many try to recoup their losses and make profitable trades.


Kwon had previously confirmed that Terra was no longer coining new LUNA. That's one of the main reasons investors believe that a combustion mechanism would push LUNA's price back up. Because incineration would make the supply scarcer.


With no clear solution in sight, investors are generally advised not to make ill-considered financial decisions. The revival of Terra is still a matter of public debate.


Due to the collapse of Terra, numerous projects now want to migrate to other blockchain ecosystems so as not to be further affected themselves. The Near Foundation has also supported the migration of projects and recently included Tracer, a Web3 fitness and lifestyle app.


Speaking to Cointelegraph, Near Foundation's Nicky Chalabi emphasized that projects like Tracer can seek to identify with the ecosystem's core values. Also commented:


"Projects must represent the interests of their community and their users, because that is ultimately the most valuable thing you have."

Chalabi also advised Terra projects to only move to blockchains that represent the interests of their users and communities: "That can actually determine your success."

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