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Do Kwon Publicly Shares LUNA Burn Address, But Cautions Holders Against Using It

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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.

Source: Twitter

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.

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