The recent Terra revival scheme announced by Do Kwon, the co-founder, and CEO of Terraform Labs, met mixed reactions, with many questioning the effectiveness of a hard fork.
To clarify, as I’ve noted multiple times i dont think sending tokens to this address to burn tokens is a good idea – nothing happens except that you lose your tokens
Want there to be no confusion whatsoever https://t.co/GrzG9cclAr
— Do Kwon 🌕 (@stablekwon) May 23, 2022
LUNAUSD up +0.67%, USTUSD up +2.45%
A majority of the community recommended the burning of LUNA as the most effective way to gain a major comeback.
Kwon’s plan to preserve the Terra ecosystem involves hard forking the existing Terra Blockchain without the algorithmic stablecoin and redistributing a new version of the LUNA tokens to investors based on a historical view before the death spiral.
After a request from the crypto community, Kwon went against his initial plan and publicly shared a burn address for LUNA on Saturday.
Every LUNA token sent to this address will be burned effectively reducing the circulating supply of LUNA tokens.
After two days of sharing the LUNA burn address, Kwon insisted on his view that reducing the circulating supply of LUNA tokens would not affect the market prices.